Brookfield posts $77bn quarter as Just mandate adds $100m fees
Credit drove the record quarter, including a $40bn mandate tied to the recently acquired annuities provider Just Group.
Brookfield Asset Management on Wednesday reported record second-quarter fundraising of $77bn, with the biggest contribution coming from its credit business and a $40bn mandate tied to recently acquired annuities provider Just Group. Year-to-date inflows reached $98bn after the quarter, against $67bn reported after the first quarter, showing how sharply the insurance-related mandate accelerated fundraising in the period.
The credit platform raised $51bn in the quarter, including $45bn from Brookfield Wealth Solutions, while infrastructure and energy raised $12.5bn, of which $9.3bn went into Brookfield’s infrastructure flagship strategy. Brookfield also indicated that, even excluding the Just Group mandate, the second quarter would still have been a record for organic fundraising.
The Just mandate was a primary driver of the quarter’s record fundraising and increased the insurance capital managed by Brookfield by more than one third. Brookfield has described that capital as additional insurance fee-bearing assets under management, with Brookfield Wealth Solutions retaining the associated assets and liabilities on its own balance sheet while Brookfield Asset Management manages the capital for a recurring fee.
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