Ranjan will replace Cyrus Madon, who is moving into the executive chairman role at the Toronto-based asset manager’s US$140-billion private equity division. Ranjan was previously president of Brookfield’s buyout business. (Bloomberg)

Talking point: The change comes as Brookfield aims to expand private equity to match the scale of its other core businesses, like real estate and energy transition. The firm raised US$12 billion in October to invest in private-equity assets, its biggest fund to date, and it has continued making deals in the space at a time when other investors have slowed down their private-market investments amid economic uncertainty. “While we are already a significant private-equity investor, there is a real opportunity in front of us to meaningfully scale and be one of the largest in the world,” Ranjan told Bloomberg.