Brookfield Asset Management has raised $30bn (€28bn) for its global infrastructure equity fund.
The manager said its Brookfield Infrastructure Fund V (BIF V) received $28bn and around $2bn in related co-investment vehicles, making BIF V world’s largest closed-ended private infrastructure fund, and the largest fund ever raised by Brookfield.
Brookfield raised $20bn for BIF IV which closed in February 2020, exceeding its original $17bn fundraising target.
The fund was backed by a diverse group of approximately 200 limited partners, Brookfield said, adding that the majority of the capital has been raised from existing investors, including public and private pension plans, sovereign wealth funds, financial institutions, endowments, foundations and family offices.
As previously reported, BIF V’s backers include the New York State Common Retirement Fund which recently disclosed making a $300m commitment. Other investors include Maryland State Retirement and Pension System, Teachers’ Retirement System of the State of Illinois, the South Carolina Retirement System, the New Mexico State Investment Council and the Teacher Retirement System of Texas.
The manager said BIF V has already deployed approximately 40% of its capital in six investments, including marquee investments in renewable, transport, data centre and telecom tower assets.
Sam Pollock, CEO of Brookfield’s infrastructure business, said: “We are pleased with the strong endorsement of our business by our investors, which we believe is a function of our market-leading position in the infrastructure sector.
”With significant momentum in the sector as a result of multi-decade investment themes, we look forward to deploying the Fund’s remaining capital and creating long-term value for our investors.”
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