Brookfield Asset Management (BAM) has raised an additional USD 760m for its fourth flagship infrastructure fund during 3Q19, bringing its total size to more than USD 15bn, according to BAM’s 3Q19 earnings results.
The fund aims for a final close by the end of 2019 or early 2020, according to executives on its earnings call from 14 November.
Brookfield Infrastructure Fund IV (BIF IV), which reached a first close of USD 14.5bn in June, is expected to reach a USD 22bn hard cap by 1Q20. It will be Brookfield’s largest fund to date, as well as one of the largest infrastructure funds raised across the globe.
The fund recently received USD 300m from Teachers’ Retirement System of Texas and USD 50m from Ventura County Employees’ Retirement Association, according to Inframation Deals.
The expected final close of the BIF IV will bring BAM’s latest round of flagship fundraising to completion, the company said in a letter to shareholders.
The letter noted that the latest flagship real estate, infrastructure and private equity funds are about 45% invested in aggregate, and the firm anticipates that it will be back in the markets with the next set of flagships, including infrastructure, in 2021/2022.
Over the last 12 months, BIF IV raised a total of USD 11bn.