Brookfield Asset Management has raised $20bn for its latest global infrastructure fund.
The manager said the Brookfield Infrastructure Fund IV (BIF IV) fund exceeded its original $17bn fundraising target as a result of strong investor demand.
The predecessor BIF III fund closed in 2016 with $14bn.
Brookfield said BIF IV received capital commitments from a diverse group of 170 institutional investors from across the globe, including public and private pension plans, sovereign wealth funds, insurance companies, financial institutions.
The fund also attracted capital from endowments and foundations, family offices, and private wealth investors.
Approximately 75% of the third-party capital came from existing Brookfield investors and Brookfield committed $5bn.
As previously reported, Sacramento County Employees’ Retirement System and the Oregon Public Employees Retirement Fund committed to the fund.
The New Mexico State Investment Council and Teacher Retirement System (TRS) of Texas co-invest alongside the infrastructure mega-fund.
Sam Pollock, head of Brookfield’s infrastructure group, said: “The strong level of support we have received from investors reflects the growing global demand for infrastructure investments and their attractive characteristics.
“We have already deployed a meaningful amount of the Fund into a number of high-quality investments and are pleased with the opportunities we continue to see across our target markets and sectors.”
Brookfield said the fund has so far invested or committed $8bn, or 40% of its capital, to a diversified set infrastructure businesses, including the largest short-haul rail operator in North America, natural gas pipelines in North America, data infrastructure businesses in South America, New Zealand, India and the UK, and a global portfolio of renewable power assets.
