Key Takeaways
- • Brookfield Asset Management raised $123 billion in the first three quarters of 2026, including $25 billion in Q3, and management expects 2026 to be a record fundraising year with $157 billion raised over the trailing 12 months.
- • Fee-bearing capital reached $682 billion, up 13% year over year, while third-quarter fee-related earnings rose 15% to $864 million ($0.54 per share) and distributable earnings rose 15% to $763 million ($0.47 per share).
- • The sixth vintage of the Core Plus global infrastructure strategy has secured $26 billion of commitments and is expected to exceed its $30 billion target in early 2027.
- • Full-year 2026 earnings are expected to be modestly below initial outlook due to delayed fee start on the sixth infrastructure fund and the absence of an expected 2026 BBU performance fee, which management characterized as timing rather than deterioration.
- • Brookfield holds $148 billion of uncalled fund commitments, including $68 billion not yet generating fees, which management says could add approximately $680 million in annual revenue when deployed.
Summary
Brookfield Asset Management Ltd. (TSE:BAM) held its third-quarter 2026 earnings call, with management describing a strongly positive tone driven by record fundraising, double-digit growth in fee-bearing capital and earnings, and strong demand across infrastructure and credit, according to a TipRanks report published on the Globe and Mail. Management characterized weaker-than-expected full-year earnings and delayed fees as timing issues rather than signs of deterioration in the underlying business.
Brookfield raised $123 billion during the first three quarters of 2026, including $25 billion in the latest quarter, and $157 billion over the past 12 months. Infrastructure and private equity led quarterly fundraising. The company raised or received commitments of roughly $50 billion for infrastructure funds over the past year. Quarterly energy fundraising was $2.3 billion, private equity $2.1 billion and credit $12 billion, including $3.8 billion from Brookfield Wealth Solutions. Private equity fundraising reached about $14 billion over 12 months. Brookfield's private wealth infrastructure strategy raised $4 billion over the past year, bringing total assets to $10 billion.
In infrastructure, the sixth vintage of the Core Plus strategy has secured $26 billion, including $13 billion after quarter-end, and management expects it to surpass the $28 billion raised by its predecessor. Across the first five infrastructure vintages, Brookfield deployed approximately $88 billion of equity, with only 130 basis points separating the strongest and weakest vintages on a net IRR basis. The fourth high-yield infrastructure debt vintage has raised $8 billion, and the open-ended supercore strategy reached $28 billion including co-investments. The AI infrastructure fund, launched in November 2025, is progressing toward a $10 billion target.
The quarter also saw the company's first meaningful shareholder-attributable carried-interest realization since the spinout, totaling $48 million net from private equity funds. Carry-eligible capital grew to $190 billion. Brookfield invested or committed approximately $36 billion and generated about $12 billion of equity proceeds from monetizations. The first global transition fund, helped by Westinghouse, produced a gross IRR of about 30% against a 15% target. Brookfield ended the quarter with $2.1 billion of corporate liquidity following completion of the Oaktree acquisition, and declared a quarterly dividend of $0.25 per share.
Full-year earnings are now expected to remain consistent with long-term targets but modestly below the start-of-year outlook. Drivers include the delayed start of fees on the sixth flagship infrastructure fund, which begins charging January 1, and the deferral of the BBU performance fee, which Brookfield no longer expects in 2026 because BBU's share price declined and the fee is subject to a high-water mark. Management characterized the BBU fee as deferred rather than lost. Management expects 2027 fundraising at or slightly above the more than $100 billion annual baseline.
On AI infrastructure, Brookfield said it commits capital only after securing offtake agreements, equipment supply and permits, and identified corporate-credit counterparty risk and construction and operating risk as the main exposures. The company also cited a roughly $9 billion arrangement with Naver and NVIDIA for 200 megawatts of U.K. computing capacity.
Brookfield raised $123 billion during the first three quarters of 2026, including $25 billion in the latest quarter, and $157 billion over the past 12 months. Infrastructure and private equity led quarterly fundraising. The company raised or received commitments of roughly $50 billion for infrastructure funds over the past year. Quarterly energy fundraising was $2.3 billion, private equity $2.1 billion and credit $12 billion, including $3.8 billion from Brookfield Wealth Solutions. Private equity fundraising reached about $14 billion over 12 months. Brookfield's private wealth infrastructure strategy raised $4 billion over the past year, bringing total assets to $10 billion.
In infrastructure, the sixth vintage of the Core Plus strategy has secured $26 billion, including $13 billion after quarter-end, and management expects it to surpass the $28 billion raised by its predecessor. Across the first five infrastructure vintages, Brookfield deployed approximately $88 billion of equity, with only 130 basis points separating the strongest and weakest vintages on a net IRR basis. The fourth high-yield infrastructure debt vintage has raised $8 billion, and the open-ended supercore strategy reached $28 billion including co-investments. The AI infrastructure fund, launched in November 2025, is progressing toward a $10 billion target.
The quarter also saw the company's first meaningful shareholder-attributable carried-interest realization since the spinout, totaling $48 million net from private equity funds. Carry-eligible capital grew to $190 billion. Brookfield invested or committed approximately $36 billion and generated about $12 billion of equity proceeds from monetizations. The first global transition fund, helped by Westinghouse, produced a gross IRR of about 30% against a 15% target. Brookfield ended the quarter with $2.1 billion of corporate liquidity following completion of the Oaktree acquisition, and declared a quarterly dividend of $0.25 per share.
Full-year earnings are now expected to remain consistent with long-term targets but modestly below the start-of-year outlook. Drivers include the delayed start of fees on the sixth flagship infrastructure fund, which begins charging January 1, and the deferral of the BBU performance fee, which Brookfield no longer expects in 2026 because BBU's share price declined and the fee is subject to a high-water mark. Management characterized the BBU fee as deferred rather than lost. Management expects 2027 fundraising at or slightly above the more than $100 billion annual baseline.
On AI infrastructure, Brookfield said it commits capital only after securing offtake agreements, equipment supply and permits, and identified corporate-credit counterparty risk and construction and operating risk as the main exposures. The company also cited a roughly $9 billion arrangement with Naver and NVIDIA for 200 megawatts of U.K. computing capacity.
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