Brookfield Asset Management Raises $21 Billion in Quarter, Expects Strong Year

By Robb M. Stewart

Brookfield Asset Management fundraised $21 billion in the first quarter and $67 billion year-to-date, more than half the capital the asset manager raised in all of 2025.

New York-based Brookfield projects a strong year, with growth topping its long-term targets.

Its infrastructure and private equity flagships funds, already in the market, are set to be their largest vintages ever, Chief Executive Connor Teskey said with the release of the company's first-quarter financial results. The firm is benefiting from last year's acquisition of alternative investment manager Oaktree as well as the mandate to manage the assets of recently bought U.K. retirement-services provider Just Group starting in the second quarter, he said.

Brookfield, which has roots in Canada where parent Brookfield Corp. is based, began the year with its earnings growing.

Distributable earnings, a measure of cash that can be returned to shareholders, rose to $702 million, or 43 cents a share cents a share, in the first three months, from $654 million, or 40 cents a share, a year earlier. This topped the $678 million mean estimate of analysts polled by FactSet.

Net income came in at $617 million, or 38 cents a share, for the period, up from $581 million, or 36 cents a share, last year.

Fee-related earnings increased 11% to $772 million in the just-ended quarter, in line with analyst expectations and bolstered by what Teskey said was strength in real assets and Brookfield's complementary strategies.

Overall revenue was up 24% to $1.34 billion.

Fundraising in the quarter was driven in large part by complementary strategies and growth in insurance inflows, Brookfield said. Its private equity flagship strategy is completing its first close, and has already raised $6 billion, while the sixth vintage of the infrastructure flagship launched in the first quarter. Both funds are set to be meaningful contributors to fundraising over the rest of 2026, it said.

Brookfield's infrastructure business raised $3.4 billion in the quarter, including $800 million for its infrastructure private wealth fund that now has more than $8 billion of capital, and the segment invested $4 billion in the period. The infrastructure arm in the same quarter sold $2.3 billion in assets.

The private equity business raised $1.4 billion in the quarter, which included $1 billion for Brookfield's private equity special situations strategy that held its first close in February of $2.4 billion. The business deployed some $400 million and sold $700 million, including monetizing a number of assets in the company's venture and growth strategies.

Teskey, who earlier this year succeeding long-serving Chief Executive Bruce Flatt, who remains chairman, said Brookfield has significant capital available to deploy as opportunities emerge, as well as market leading positions in the fastest growing alternatives segments, and limited exposure to areas of market stress.

As of the end of March, Brookfield had a total of $137 billion of uncalled fund commitments, $67 billion of which it expects will generate about $670 million in annual fees when deployed. Brookfield was sitting on $2.5 billion in liquidity, made up of cash, short term financial assets and undrawn capacity on a revolving credit facility.

Write to Robb M. Stewart at robb.stewart@wsj.com

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May 08, 2026 07:00 ET (11:00 GMT)