Brookfield Asset Management has closed its largest-ever flagship private equity fund, with a sizable check written by the firm itself.
Brookfield announced it nabbed $12 billion for Brookfield Capital Partners VI. The fund is larger than its predecessor vehicle, which closed in 2019 on $9 billion.
PE fund managers have been putting greater amounts of capital into their own funds, a strategy known as GP commitment. Managers frequently adopt the practice to convince their limited partners that they have an alignment of economic interests.
The Minnesota State Board of Investment wrote a $150 million check to the Brookfield fund, according to a pension document. Other pension managers including the Investment Management Corporation of Ontario, the Louisiana State Employees’ Retirement System and the South Carolina Retirement System also made commitments to the fund.
With the new mega-fund, Brookfield now has more dry powder to make deals.
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