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Brookfield Asset Administration mentioned that its belongings underneath administration have reached $1tn (£787bn), because it declared a powerful second quarter with $68bn of capital raised.
The Canadian asset supervisor invests throughout renewable vitality, actual property, non-public fairness, credit score and infrastructure.
Credit score is changing into an more and more giant focus for the group. In 2019, it took a majority stake in distressed and credit score markets investor Oaktree Capital.
Learn extra: Arixa and Oaktree broaden JV as pipeline reaches “highest degree”
In April it acquired a further 5 per cent stake in Oaktree, bringing its whole holding to 73 per cent.
Its credit score enterprise accounted for $61bn of capital raised within the second quarter, which included $49bn of insurance coverage capital from American Fairness Funding Life Holding Firm, which it began to handle on behalf of American Fairness in the course of the quarter.
“We additionally raised capital in our opportunistic credit score fund, our life sciences revenue fund, and our worth alternatives fund,” Brookfield mentioned. “Moreover, we held a primary shut of $500m within the newest classic of our music royalty platform, Main Wave.”
Learn extra: Brookfield Oaktree says payment-in-kind pattern is “value monitoring” for dangers forward
Total, Brookfield reported web revenue of $124m for the quarter, up from $109m in the identical quarter of 2023.
Charge-related earnings rose by six per cent year-on-year to $583m however income dropped by seven per cent to $916m.
Brookfield deployed round $20bn of capital over the quarter and had $107bn of ‘dry powder’ which is but to be deployed.
Learn extra: Brookfield to launch seventh actual property debt fund this yr
Connor Teskey, president of Brookfield, declared the outcomes to be “one other robust quarter.”
“There’s robust momentum in our credit score enterprise, offering options to our companions globally,” he mentioned.
“We additionally proceed to see unprecedented alternatives in our renewable energy and transition enterprise.
“With one of many largest pipelines of over 230,000 megawatts of renewable energy in operation and underneath growth, and our quickly rising information middle platforms, which has seen its US capability develop 4 fold over the past two years, we’re the infrastructure chief behind the continuing AI revolution.”
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