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The asset management giant raised US$77 billion in the second quarter of the year, while fee-related earnings jumped 20 per cent to US$808 million. More than half of the new capital came from a US$40-billion mandate from British insurer Just Group, which Brookfield Wealth Solutions acquired earlier this year. The company also reported total profit of US$1.17 billion, up from US$584 million a year earlier. (The Logic)
Talking point: Brookfield’s push into AI infrastructure has helped fuel its record fundraising. The firm held its first close of the strategy in Q2 and said it now has US$5 billion committed. The strategy, launched last year, has become the firm’s “largest and fastest-growing theme,” chief executive Connor Teskey said on a conference call Wednesday. Since the start of the year, the company has expanded partnerships with OpenAI, Bloom Energy and the U.S. Department of Energy, and struck agreements to build sovereign AI projects in Europe and Asia. Though concerns are mounting that companies may be overbuilding AI infrastructure, Brookfield executives said they are focusing on projects backed by physical assets and long-term contracts rather than speculative bets.
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