Brookfield Raises $25 Billion in Quarter as Infrastructure Leads

The New York-based alternative asset manager reported third-quarter net income of $2.65 billion, or $1.64 a share, compared with $724 million, or 44 cents a share, a year earlier. Distributable earnings, a measure of cash available to return to shareholders, rose to $763 million, or 47 cents a share, from $661 million, or 41 cents. Analysts polled by FactSet had expected $735 million.

Fee-related earnings increased 15% to $864 million, above analysts’ expectations of almost $835 million. Revenue climbed 72% to $2.15 billion from $1.25 billion, including growth of 27% in base management and advisory fees and 66% in incentive fees.

Infrastructure accounted for $7 billion of the quarter’s fundraising. That included $3.4 billion for Brookfield’s flagship strategy, which is headed for its first close in the coming weeks, as well as $1.5 billion for its supercore strategy and $1.2 billion for its infrastructure private wealth strategy. Teskey said the firm had raised about $50 billion for infrastructure strategies over the past 12 months, including $26 billion for the flagship and a record $8 billion for infrastructure debt.

Brookfield invested $1.2 billion in infrastructure during the quarter, including $500 million in additional funding for a U.S. semiconductor fabrication facility and $300 million for an energy infrastructure program in New Zealand. It also reported $2.5 billion in infrastructure monetization, including proceeds from selling an Indian telecom tower platform. In July, the firm agreed to invest $9 billion in AI computing infrastructure with Nvidia and South Korean internet company Naver.

Private equity fundraising reached $2.1 billion, including $1.2 billion for its flagship strategy. Brookfield deployed $2.2 billion in the segment and recorded $1.8 billion in monetization. In energy, it raised $2.3 billion, deployed $2 billion—including $1.6 billion to acquire a renewable power platform—and reported $1.9 billion in monetization, including proceeds from selling hydroelectric assets.

At the end of September, Brookfield had $148 billion in uncalled fund commitments. The company said $68 billion of that amount would generate about $680 million in annual fees once deployed. Its balance-sheet liquidity was $2.1 billion, comprising cash, short-term financial assets and undrawn revolving-credit capacity.