Brookfield Fund IV soars to $4bn final close

Canada’s Brookfield Asset Management will increase its investment size as it smashes through its $3.5 billion target to hold a final close for its fourth flagship private equity vehicle on $4 billion. The firm said it will now pursue transactions of $200-500 million.

Canada’s Brookfield Asset Management has smashed through its $3.5 billion target to hold a final close for its fourth flagship private equity vehicle on $4 billion, the firm said.

Brookfield Capital Partners IV is four times larger than Fund III, which closed on $1 billion in September 2011. The latest vehicle included a $1 billion commitment from Brookfield, as well as commitments from 98 limited partners, according to a US Securities and Exchange Commission filing in April. The fund launched in October last year.

Brookfield spokeswoman told Private Equity International, because of this increase in size, investment cheques will be larger than in the past, ranging from $200 to $500 million.

Fund IV received commitments from public and private pension plans, sovereign wealth funds, financial institutions, endowments and foundations, and family offices, Brookfield said. 

According to PEI Research & Analytics, limited partners in the fund include Louisiana State Employees Retirement System, which committed $50 million, Minnesota State Board of Investment, which committed $100 million, South Carolina Retirement System, which committed $125 million, and New York State Common Retirement Fund, which committed $400 million.

The firm’s private equity team operates across the US, Canada, Europe, India, Australia and South America. Fund IV has already invested $1 billion in an integrated facilities management company, a graphite electrode manufacturer and an Australian offshore oil and gas producer, it said.

Brookfield is a global alternatives asset manager with $240 billion in assets under management, focusing on property, renewable power, infrastructure and private equity. It is co-listed on the New York, Toronto and Euronext stock exchanges.