Asset manager Brookfield is expected to exceed a $25bn (€23.4bn) fundraising target for its fifth global infrastructure fund, according to an investor.

Ventura County Employees’ Retirement Association (VCERA) disclosed in a meeting document that it has approved a $40m commitment to Brookfield Infrastructure Fund (BIF) V, a fund expected to be oversubscribed.

Brookfield raised $20bn for BIF IV which closed in February 2020, exceeding its original $17bn fundraising target as a result of strong investor demand. 

VCERA said Brookfield is expected to make a co-investment contribution amounting to 25% of the total capital raised by the latest fund.

BIF V will seek deals ranging from $400m to $1bn that can generate a 10% net internal rate of return.

The manager is expected to allocate 49% of the fund to North America, 25% to Europe, 17% to the Asia Pacific and 9% to South America as it targets assets like midstream energy, renewable energy, data and utilities and transportation.

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