Brookfield Asset Management (NYSE:BAM) reported an 11% increase in fee-related earnings for the first quarter of 2023, totaling $772 million, with distributable earnings at $702 million. The firm raised $21 billion in the quarter and anticipates 2026 will set a record for fundraising, driven by large capital mandates and significant fund launches. Fee-bearing capital grew by 12% to $614 billion.
Brookfield’s Chief Executive Officer, Connor Teskey, highlighted that year-to-date fundraising has reached $67 billion, aided by the Just Group mandate and their flagship private equity fund. The company is also close to completing its acquisition of Oaktree, expected in Q2 2023, which aims to enhance operations and expand client access within its credit platform.
In addition to strong fundraising, Brookfield’s CFO reported total buybacks of nearly $800 million over the past seven months and a $1 billion issuance of senior unsecured notes. The firm’s liquidity stood at $2.5 billion at quarter-end, signaling a robust financial position as it navigates the evolving investment landscape.
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