Brookfield Asset Management closed its latest flagship fund, Brookfield Capital Partners V, at $9 billion, exceeding its $7 billion fundraising target, spokeswoman Claire Holland said in an email.
Brookfield Business Partners, a publicly traded entity that owns and operates the business services and industrials operations companies of Brookfield’s private equity group, committed $3 billion to the new fund. Brookfield Business Partners currently manages $47 billion in assets and has a market cap of $5.9 billion.
BCP V's predecessor fund, Brookfield Capital Partners IV, closed in 2016 at $4 billion.
Investors in the fund include the $216.2 billion New York State Common Retirement Fund, Albany; New Jersey Division of Investment, which manages investments for the $76 billion New Jersey Pension Fund, Trenton; $101.1 billion Minnesota State Board of Investment, St. Paul; and $32 billion South Carolina Retirement System Investment Commission, Columbia.