NEW YORK, Nov. 07, 2025 — Brookfield Asset Management Ltd. (NYSE: BAM, TSX: BAM) announced record capital fundraising of $30 billion in the third quarter, driving fee-related earnings up 19% over the last 12 months.
The company also announced an agreement to acquire the remaining interest in Oaktree. Connor Teskey, President of Brookfield Asset Management, said the partnership with Oaktree has exceeded expectations over the past six years. He added that full ownership will allow for closer collaboration, driving greater efficiency and enhancing value for clients and shareholders.
Net income attributable to BAM totaled $724 million in the quarter and $2.6 billion over the last twelve months, up 33% and 41%, respectively. Fee-related earnings (FRE) were a record $754 million, or $0.46 per share, in the quarter, a 17% increase over the prior year. Over the last twelve months, FRE increased 19% to $2.8 billion, or $1.72 per share, with margins expanding to 58% in the quarter and 57% over the last twelve months.
Distributable earnings (DE) were $661 million, or $0.41 per share, in the quarter and $2.6 billion, or $1.58 per share, over the last twelve months, up 7% and 12%, respectively. Earnings growth was driven by record organic fundraising of $30 billion in the quarter and over $100 billion in the past twelve months. Fee-bearing capital grew to $581 billion, up 8% year-over-year, driven by strong fundraising and deployments within our infrastructure, transition, and credit businesses.
The company held the final institutional closing of the second vintage of its global transition flagship strategy for $20 billion during the quarter. Fundraising momentum is expected to continue, led by the seventh vintage of its private equity flagship fund, the sixth vintage of its infrastructure flagship fund (expected in early 2026), and the first close of its inaugural AI Infrastructure fund expected before year-end.
Brookfield deployed $23 billion into attractive investment opportunities during the quarter, marking its largest quarter for deployments ever. During the quarter, assets valued at $25 billion were sold, representing $15 billion of equity value. Over the past year, the company raised $30 billion, deployed $30 billion, and monetized $11 billion at approximately 20% returns.
Third quarter highlights across business groups include:
- Infrastructure: $3.5 billion raised, including $800 million within its infrastructure private wealth strategy; $9.3 billion deployed, including $3.8 billion for the acquisition of Hotwire Communications and $3.4 billion for the acquisition of Colonial Enterprises; $4.2 billion monetized, including $1.7 billion from a portfolio of stabilized data center assets and $1.7 billion from the sale of Patrick Terminals. Subsequent to quarter end, a $5.0 billion strategic partnership agreement was entered into with Bloom Energy to install up to 1 GW of behind-the-meter, low-emission, power generation.
- Renewable Power & Transition: $6.3 billion raised, including over $4.0 billion for the final close for the second vintage of its global transition flagship strategy; $2.1 billion monetized from a leading South American power business.
- Private Equity: $2.1 billion raised, including $1.4 billion across its Middle East private equity and financial infrastructure funds. After the quarter ended, a final close was held for the inaugural Pinegrove opportunistic strategy for $2.5 billion.
- Real Estate: $2.0 billion raised, including $1.0 billion for the fifth vintage of its real estate flagship platform; $1.9 billion of capital deployed, including the acquisitions of Generator Hostels and a Singapore industrial portfolio.
- Credit: Nearly $16 billion of capital raised, including $6.1 billion from long-term private funds. $9.9 billion deployed across its credit platform. $5.0 billion monetized across its credit platform.
Strategic initiatives and partnerships include:
- Oaktree: Brookfield, along with Brookfield Corporation (BN), announced the acquisition of the approximate 26% interest in Oaktree that it does not already own for total consideration of approximately $3.0 billion. BAM will fund approximately $1.6 billion and BN $1.4 billion.
- Angel Oak: Brookfield completed its acquisition of a majority interest in Angel Oak, an asset manager focused on specialty mortgage and consumer credit solutions with $11 billion of fee-bearing capital.
- Just Group: Just Group shareholders approved Brookfield Wealth Solution’s (BWS) acquisition offer. The acquisition will add approximately $36 billion of assets to its investment portfolio.
- U.S. Government: Brookfield announced a strategic partnership with the U.S. Government to accelerate the deployment of nuclear power. The U.S. Government has committed to investing $80 billion to develop new nuclear power plants across the U.S. utilizing Westinghouse technology.
As of September 30, 2025, Brookfield had $125 billion of uncalled fund commitments. The company had corporate liquidity of $2.6 billion on its balance sheet as of September 30, 2025. In September, it issued $750 million of new, 30-year senior unsecured notes with a coupon of 6.077%. The board of directors of BAM declared a quarterly dividend of $0.4375 per share, payable on December 31, 2025, to shareholders of record as of the close of business on November 28, 2025.
Simon Maine
Tel: +44 739 890 9278
Email: simon.maine@brookfield.com
Jason Fooks
Tel: (866) 989-0311
Email: jason.fooks@brookfield.com
Source: Brookfield Asset Management
