Brookfield Asset Management's fifth vintage of its flagship real estate fund has closed $16 billion of commitments, meaning it is already on course to be the largest it has raised.
Unveiling its financial results for the three months to end of March 2025, the global alternative asset manager said it closed $6 billion in the first quarter for the real estate strategy. The New York-headquartered group said that took capital raised to $16 billion, adding that with final closings from clients in wealth and regional "sleeves" still ahead, it will be its "largest real estate strategy ever raised".
Quarterly fee-related earnings overall were up 26% year-over-year to nearly $700 million.
Connor Teskey, president of Brookfield Asset Management, said in a statement that earnings momentum had continued into another strong quarter, adding that had been driven by more than $140 billion of capital raised over the past 12 months.
He described the strength in real estate as "remarkable", while it grew its private credit platform by expanding capabilities and deepening partnerships. Distributable earnings increased by 20% to $654 million or $0.40 on a per share basis compared to the prior year period.
In real estate, in the quarter it deployed $1.8 billion of capital, including into global logistics platforms within North America, Europe and Asia. In addition, it invested over $100 million of equity capital into a portfolio of US single-family rental properties, spanning nearly 3,800 homes.
In terms of sales it "monetised" $1.2 billion of equity capital, which included the" disposition of select assets" related to its acquisition of Tritax, the large-scale logistics assets business in Europe, and sold PGA National Resort, as reported.