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Brookfield Asset Management Ltd. (NYSE: BAM, TSX: BAM) is a leading global alternative asset manager with over $900 billion of assets under management. Specializing in alternative asset management services, the company offers an extensive range of investment products to a diverse group of investors including public and private pension plans, endowments, foundations, sovereign wealth funds, financial institutions, insurance companies, and private wealth investors.
Brookfield's portfolio spans several key sectors such as renewable power and transition, infrastructure, private equity, real estate, and credit. The firm invests client capital for the long term with a focus on real assets and essential service businesses that support the global economy.
Recent achievements include a strategic partnership with Zoetis Inc. through a Virtual Power Purchase Agreement, powering a significant portion of the Heart of Texas Wind Farm. Brookfield has also been active in furthering its investment strategies; it has acquired a majority stake in Castlelake, an asset-backed private credit manager, and an additional 5% interest in Oaktree.
Financially, Brookfield is robust, with $107 billion in uncalled fund commitments as of December 31, 2023. The company continues to grow its fee-bearing capital and recently completed the acquisition of AEL through its reinsurance arm, managing an additional $50 billion of capital. Regular dividends are declared, reflecting the company’s commitment to rewarding its shareholders.
Brookfield operates with a philosophy of investing for value across economic cycles, drawing on its heritage as both an owner and operator to generate strong returns for its clients. The company also emphasizes sustainability, as evidenced by its leadership in renewable power and decarbonization solutions.
For more detailed information, visit the Brookfield Asset Management website at bam.brookfield.com.
Brookfield Asset Management (BAM) reported record third quarter results with fee-related earnings up 14% year-over-year to $644 million. The company's fee-bearing capital grew 23% to $539 billion, driven by $101 billion in fundraising and $25 billion of capital deployment over the last twelve months. In Q3 2024, BAM raised $21 billion across various sectors, with notable contributions from credit ($14 billion), renewable power ($2.2 billion), and infrastructure ($1.4 billion). The company deployed approximately $20 billion and monetized over $17 billion in investments. Net income for BAM totaled $129 million for the quarter, and the board declared a quarterly dividend of $0.38 per share.
Brookfield Asset Management (BAM) announced significant corporate structure changes, including moving its head office to New York and plans to acquire Brookfield 's (BN) 73% interest in the asset management business. The restructuring aims to simplify BAM's corporate structure and enhance its potential for broader equity index inclusion. Under the arrangement, BAM's market capitalization would reflect the total value of the asset management business, potentially increasing from current $23 billion to approximately $85 billion. Shareholders will vote on this arrangement on December 20, 2024, with expected closure in early 2025 subject to approvals.
Fundamental Income Properties, a Phoenix-based net lease real estate company, has closed a $241.0 million long-term fixed-rate note issuance, designated as Fundamental Income Net-Lease Mortgage Notes, Series 2024-1. This marks the company's third note issuance under its FI Master Trust program and its first to achieve a 'AAA' rating from Standard & Poor's (S&P) on the senior class of notes.
The issuance comprises three classes of 5-year notes: $144.6 million of Class A-1 notes rated 'AAA', $72.3 million of Class A-2 notes rated 'AA', and $24.1 million of Class A-3 notes rated 'A'. Additionally, S&P upgraded $178.6 million of outstanding A-1 'AA' notes from the Series 2023-1 to 'AAA'.
This successful offering reflects investor confidence in Fundamental Income, which has acquired and financed over $1.6 billion of single-tenant properties across 43 states and 51 industries since 2020.
Brookfield Asset Management (NYSE: BAM, TSX: BAM) has announced its upcoming third quarter 2024 conference call and webcast, scheduled for Monday, November 4, 2024, at 10:00 a.m. (ET). The company will release its results prior to 7:00 a.m. (ET) on the same day, which will be available on their website. Participants can join via conference call or webcast, with pre-registration required for the call.
Brookfield Asset Management is a leading global alternative asset manager with approximately $1 trillion of assets under management. The company focuses on real assets and essential service businesses across sectors such as renewable power and transition, infrastructure, private equity, real estate, and credit. They offer investment products to a diverse range of institutional and private investors globally.
Brookfield Oaktree Wealth Solutions has released findings from 'The Alts Institute' Alternative Investing Survey, revealing strong demand for alternative investments among high-net-worth (HNW) investors and financial advisors. The survey, conducted by CoreData, focused on HNW investors with at least $2.5 million in investable assets and advisors managing an average of $633 million.
Key findings include:
- 88% of current alternative investment users are open to increasing their allocation
- 72% of non-users would consider alternatives with better understanding
- 70% would invest in alternatives if recommended by their advisor
- 91% of advisors believe building knowledge in alternatives is worthwhile
- 41% of HNW investors have considered changing advisors to access high-quality alternatives
The survey highlights the growing importance of alternative investments in portfolio construction and client satisfaction, with advisors recognizing their potential to drive business growth and enhance client conversations.
CDPQ, a global investment group, has announced an agreement with Brookfield Asset Management (NYSE: BAM) and its partners to acquire a 25% stake in First Hydro Company, a critical electricity generation and storage facility in the United Kingdom. First Hydro operates two power plants in Wales, offering a capacity of over 2,000 MW, representing 76% of the UK's total pumped hydro storage. This infrastructure is important for the country's increasing grid flexibility and stability needs.
The investment marks CDPQ's first venture into pumped hydro storage, partnering with Engie, which owns the remaining 75%. Emmanuel Jaclot, CDPQ's Executive VP and Head of Infrastructure, highlighted First Hydro's critical role in managing the UK's national electricity system and meeting net zero commitments. The financial close is expected by the end of 2024, subject to customary conditions and approvals.
Brookfield Asset Management (NYSE: BAM, TSX: BAM) has announced an initial closing of $2.4 billion for its Catalytic Transition Fund (CTF), targeting up to $5 billion for clean energy and transition assets in emerging markets. The fund is anchored by a $1 billion catalytic capital investment from ALTÉRRA, with additional commitments from CDPQ, GIC, Prudential, and Temasek, among others.
CTF aims to deploy capital in South and Central America, South and Southeast Asia, the Middle East, and Eastern Europe. ALTÉRRA's commitment is designed to improve risk-adjusted returns for other investors. Brookfield has committed 10% of the fund's target. The fund expects to announce initial investments later in 2024, with a traditional first close anticipated by early 2025.
This partnership addresses the need to increase clean energy investment in emerging markets sixfold to reach $1.6 trillion annually by the early 2030s, aligning with global net zero targets.
Brookfield Asset Management (NYSE: BAM, TSX: BAM) has completed a $1.5 billion strategic partnership with Castlelake L.P., a global alternative investment manager. The deal includes Brookfield acquiring a 51% stake in Castlelake's fee-related earnings and Brookfield Wealth Solutions committing to invest in Castlelake's strategies and funds. Castlelake, founded in 2005, specializes in asset-based private credit, including aviation and specialty finance. The firm manages approximately $24 billion in assets for over 200 institutional investors and has deployed $39 billion of capital across more than 1,300 transactions globally. Castlelake will maintain its independence, current governance, and leadership structure, with Rory O'Neill as Executive Chair and Evan Carruthers as CEO and CIO.
American Tower (NYSE: AMT) has closed the sale of its India operations to Data Infrastructure Trust (DIT), sponsored by Brookfield Asset Management. The transaction yielded total cash proceeds of approximately $2.5 billion, including $320 million from monetizing Vodafone Idea debentures and receivables, and $2.2 billion in final closing proceeds. American Tower plans to use these funds to repay existing debts, including the India term loan.
As a result of this sale, ATC India's results will now be reported as discontinued operations. The company has provided updated 2024 outlook estimates, adjusting for the transaction's impact on property revenue, Adjusted EBITDA, and AFFO per share. American Tower has also released proforma estimates for continuing operations, factoring in interest expense savings from the sale proceeds.
Brookfield Asset Management (NYSE: BAM, TSX: BAM) has announced a strategic funding partnership with Infinium, committing to invest up to $1.1 billion to accelerate the growth of Infinium's eFuels platform. The investment includes $200 million in Infinium and its Project Roadrunner in West Texas, with up to an additional $850 million for global eFuels projects deployment. Infinium's eFuels, including eSAF (sustainable aviation fuel), can reduce lifecycle greenhouse gas emissions by approximately 90% or more compared to conventional fuels.
The investment will be made through Brookfield's Global Transition Fund and marks its first direct investment in sustainable aviation fuel. Infinium recently secured a deal with American Airlines to supply commercial volumes of eSAF starting in 2026. Project Roadrunner will also produce eNaphtha for plastics manufacturing and eDiesel for long-haul trucking and maritime applications.
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