Brookfield Asset Management Ltd. said it’s relying heavily on cash\u002Drich investors in the Middle East and Asia to fuel its growth. Read on.
Brookfield earned US$516 million in the first quarter, or 32 cents U.S. a share, in line with estimates by analysts in a Bloomberg survey. Distributable earnings were US$563 million, up 15 per cent from the same period last year. All the firm’s flagship funds are currently in the market fundraising, Teskey said in a statement.
Alternative asset managers are grappling with a radically different investment environment than the one that prevailed over the past decade, as higher interest rates have made leveraged acquisitions more expensive and increased the odds of a recession. Brookfield, which ended the quarter with US$432 billion of fee-bearing assets, has launched a direct lending strategy that originates senior secured loans of US$500 million or more to private equity-owned U.S. companies.
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