Brookfield hauls in over $8bn for its latest PE fund

The asset management giant is targeting as much as $9bn for its fifth flagship private equity vehicle.

Brookfield Asset Management is nearing the upper target for its fifth flagship private equity fund around 18 months after launching the vehicle.

The Toronto-headquartered firm has raised $8.3 billion for Brookfield Capital Partners V, according to a filing with the Securities and Exchange Commission.

The firm held a first close on $6.5 billion last October and was targeting as much as $9 billion for the fund, Private Equity International reported in February.

About 150 investors have invested in Fund V, according to the filing.

The latest haul is more than double its 2015-vintage predecessor, which raised $4 billion against a $3.5 billion target, according to PEI data.

Investors that have committed to Fund V include Minnesota State Board of Investment, New Jersey Division of Investment and New York State Common Retirement Fund with $250 million, $100 million and $400 million respectively, PEI data show.

Brookfield made a $3 billion GP commitment to Fund V and is charging a management fee of 1.68 percent. The fund will follow the same strategy as its predecessor, backing business services and industrials companies in North America and Asia-Pacific. Fund IV delivered a 63.97 percent net internal rate of return and 3.05x investment multiple as of September, PEI reported.

Brookfield did not return requests for comment.