Brookfield Asset Management, Inc. has generated its largest amount of money for infrastructure and continues to do so, The Wall Street Journal reports. The firm’s Brookfield Infrastructure Fund IV LP has raised approximately $14.5 billion to date, per a Security and Exchange Commission (SEC) filing.
Real estate investor Brookfield currently manages about $65 billion in infrastructure assets, according to the company’s website. In total, the firm manages $366 billion—a figure expected to increase to $485 billion when the company completes its acquisition of Oaktree Capital Management. Brookfield agreed to purchase a majority stake in the investment firm in March.
The filing does not say if the fund has a final close. However, Brookfield stated the fund would have an initial close of approximately $14 billion in its recent quarterly earnings report. The firm also said the new fund would be the biggest ever for infrastructure investment. According to public documents from the New Mexico State Investment Council, which has committed $100 million to the fund, the firm’s target is $17 billion.
The Brookfield Infrastructure Fund IV LP has already surpassed the size of its predecessor, according to The Wall Street Journal. The previous fund closed at $14 billion in 2016 and its second infrastructure fund closed with $7 billion in 2013. The New Mexico document stated the new fund will aim for a gross return of 13% with a net equity multiple of 2.0 times. The fund will look to build a diversified portfolio of mainly brownfield assets, but would consider greenfield investments, too. The fund will also target transportation, renewable power, utilities, and data transmission facilities, according to the document.
The Oregon Investment Council, the Public School Teachers’ and the Retirement Fund of Chicago are some of the U.S. public pensions that have disclosed commitments to the fund.