Brookfield Asset Management

Brookfield Asset Management Ltd. is a publicly traded alternative investment manager created through the 2022 separation of Brookfield Corporation's asset-management operations. Although its roots are in the broader Brookfield group, the present company began trading as an independent public vehicle on December 12, 2022. Brookfield Corporation retained a controlling interest, while a portion of the new company was distributed to public shareholders. The separation was intended to distinguish Brookfield's fee-generating asset-management activities from the capital-intensive businesses and investment holdings retained by Brookfield Corporation, while preserving commercial and strategic links between the two entities. The company invests and manages capital in several major alternative-asset categories. Its platforms include real estate, infrastructure, renewable power and transition assets, private equity, and credit. Rather than operating primarily as a traditional mutual-fund manager, Brookfield raises long-duration institutional and private-market capital, manages investment vehicles and partnerships, and seeks to earn management fees, performance fees, and investment-related returns. Its investment approach is associated with large-scale assets, operational improvement, long holding periods, and the ownership or management of businesses with infrastructure-like or contractual cash flows. Brookfield's real-estate activities span commercial, logistics, residential, hospitality, and other property strategies. Its infrastructure operations have included utilities, transport, data and communications infrastructure, and energy-related assets. Renewable-power and transition investing cover wind, solar, hydroelectric generation, energy-transition infrastructure, and related technologies. The firm also has significant exposure to private equity and credit through platforms including Oaktree Capital Management. Insurance-related capital and other institutional channels have become important sources of assets under management. The company expanded through acquisitions and strategic partnerships after its launch. In 2023 it acquired the remaining interest in Spanish solar developer X-ELIO, increased its ownership of Oaktree, and completed acquisitions including Network International and American Equity Investment Life. It also formed Pinegrove Capital with Sequoia Heritage to invest in venture-backed businesses. In 2024, Brookfield entered an agreement with Microsoft to develop approximately 10.5 gigawatts of new wind and solar capacity and raised capital for the Catalytic Transition Fund, a vehicle focused on climate finance in emerging markets. Other transactions included the proposed acquisition of European property company Tritax EuroBox and the purchase of Chemelex. The company reported more than US$1 trillion in assets under management or administration by 2025, placing it among the world's largest alternative investment firms. Its headquarters were initially in Toronto, but Brookfield announced a move to New York City in late 2024 as part of a broader corporate restructuring. That restructuring also contemplated Brookfield Asset Management acquiring the remaining asset-management operations of the wider Brookfield group. Leadership transitioned from Bruce Flatt, who guided the spin-off and served as chief executive, to Connor Teskey in February 2026. Flatt remained chairman of Brookfield Asset Management and continued to lead Brookfield Corporation. The business remains closely linked to its Canadian parent while operating and raising capital internationally.

Brookfield Asset Management emerged from the long-established Brookfield group, but its current corporate identity dates from a strategic separation announced in 2022. Brookfield Corporation concluded that its asset-management activities and its operating and investment businesses had different financial characteristics and growth profiles. The proposed separation was designed to create a separately traded manager while allowing the parent to retain substantial ownership and continue benefiting from the relationship between the two sides. On May 12, 2022, Brookfield announced that the new asset manager was expected to have a value of roughly US$80 billion. The existing company, then also known as Brookfield Asset Management, would change its name to Brookfield Corporation, while the separated public business would adopt the Brookfield Asset Management name. Brookfield Corporation initially planned to retain approximately 75 percent of the new company, with the balance available to public investors. In August 2022, Mark Carney was named chairman of the future company, Bruce Flatt was designated chief executive, and Connor Teskey was named president. Teskey had joined Brookfield in 2012 and had previously led Brookfield Renewable Partners. Brookfield Asset Management began trading publicly on December 12, 2022. Its early expansion combined organic fundraising with acquisitions. In March 2023, it purchased the remaining half of X-ELIO, a Spanish solar developer, and increased its ownership of Oaktree Capital Management to approximately 68 percent. In June, it acquired Network International, a payments processor serving the Middle East, and American Equity Investment Life, an insurance business. These transactions broadened the platform beyond conventional property and infrastructure investing and reinforced the importance of insurance and credit capital. The company also pursued new investment channels. In 2023 it partnered with Sequoia Heritage to establish Pinegrove Capital for investments in venture-backed companies. Brookfield reported strong fundraising activity during the year and indicated that insurance and flagship strategies were central to reaching its capital-raising ambitions. This reflected a wider industry trend in which large alternative managers sought permanent or long-duration capital from insurers, sovereign investors, pension funds, and other institutions. In 2024, Brookfield expanded its transition-investing activities. It agreed with Microsoft to develop approximately 10.5 gigawatts of new wind and solar capacity. Its Catalytic Transition Fund, launched at COP28 in 2023 with support from the United Arab Emirates, raised US$2.4 billion in September 2024 for climate-finance investments in emerging markets. Brookfield also continued to grow through property and industrial transactions, including its agreement to acquire Tritax EuroBox and its later acquisition of Chemelex. During 2024, Brookfield's assets under management or administration approached and then exceeded US$1 trillion. The company simultaneously reorganized its corporate structure. It announced that its headquarters would move from Toronto to New York City and disclosed plans connected with acquiring the remaining asset-management operations of the wider Brookfield group. The relocation was presented partly as an effort to improve access to United States equity-market indexes and capital markets. Governance changed in 2025 and 2026. Carney resigned as chairman in January 2025 to pursue Canadian political leadership, and Flatt assumed the chairmanship. In February 2026, Teskey succeeded Flatt as chief executive of Brookfield Asset Management. Flatt remained chairman of the asset manager and continued as chief executive and chairman of Brookfield Corporation. The succession marked a planned transfer of operational leadership while preserving continuity with the parent group. Brookfield has also faced criticism. A 2023 report alleged inadequate transparency and tax avoidance, while subsequent public discussion focused on the use of offshore entities. The company faced separate criticism over a 2021 carbon-neutrality statement associated with Carney, with opponents arguing that avoided emissions from renewable investments should not be treated as an offset for emissions linked to other investments. Brookfield's stated long-term objective has been net-zero emissions by 2050. These issues illustrate the scrutiny directed at large alternative managers whose portfolios span renewable energy, infrastructure, real estate, financial services, and fossil-fuel-related assets.

1. 2026Connor Teskey becomes chief executive

   Teskey succeeded Bruce Flatt as chief executive, with Flatt continuing as chairman.

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2. 2024Assets exceed US$1 trillion

   Fundraising during 2024 pushed the company's assets under management or administration above the US$1 trillion level.

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3. 2024Headquarters relocation announced

   Brookfield announced a move from Toronto to New York City as part of a wider corporate restructuring.

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4. 2023Expansion into solar, credit, payments, and insurance

   Brookfield acquired X-ELIO's remaining stake, raised its Oaktree ownership, and completed acquisitions of Network International and American Equity Investment Life.

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5. 2022Asset-management spin-off announced

   Brookfield announced the planned separation of its asset-management operations into a new publicly traded company.

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6. 2022New Brookfield Asset Management begins trading

   The separated company commenced public trading on December 12.

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7. 2021Carbon-neutrality claim challenged

   A public claim that Brookfield's portfolio was carbon neutral was criticized because it relied partly on avoided emissions from renewable assets.

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Global, institutional-scale alternative asset manager focused on long-duration real assets, private markets, operational expertise, and sustainable-transition opportunities.

• Real EstateAlternative investments

  Brookfield manages real-estate capital across commercial, logistics, residential, hospitality, and other property strategies. The platform typically combines fund management with direct ownership and operating expertise, targeting assets where scale, redevelopment, leasing, or operational improvements can create value over long investment periods.

• InfrastructureAlternative investments

  The infrastructure platform invests in essential assets such as utilities, transportation, communications infrastructure, and energy systems. Its investment rationale centers on durable demand, regulated or contracted revenues, barriers to entry, and opportunities to improve or expand operating assets.

• Renewable Power and TransitionEnergy-transition investing

  Brookfield's renewable-power activities include wind, solar, hydroelectric generation, and broader transition infrastructure. The platform invests directly and through funds, and has pursued large development partnerships such as its agreement with Microsoft to develop approximately 10.5 gigawatts of new wind and solar capacity.

• Private EquityAlternative investments

  The private-equity business invests in companies and sectors where Brookfield believes it can apply operational knowledge, provide capital for growth, or improve business performance. The strategy sits alongside the group's real-asset businesses and can include investments linked to industrial, business-services, and other operating companies.

• CreditAlternative investments

  Brookfield offers private, opportunistic, and other credit strategies, with Oaktree Capital Management as a major platform within the broader group. These strategies serve institutional and private-market investors seeking exposure to corporate, asset-backed, distressed, and other credit opportunities.

• Catalytic Transition FundClimate finance2023

  The Catalytic Transition Fund is a climate-finance vehicle focused on emerging markets. Launched in connection with COP28 and supported by the United Arab Emirates, it is intended to mobilize institutional capital for renewable-energy and transition projects in markets where additional catalytic financing may be needed.

• 2024Microsoft renewable-energy partnership

  Global

  Brookfield and Microsoft agreed to develop approximately 10.5 gigawatts of new wind and solar generation capacity.

  Outcome. Development partnership announced.

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• 2023Pinegrove Capital

  Global venture-capital markets

  Brookfield and Sequoia Heritage created Pinegrove Capital to invest in venture-capital-backed companies. Each partner initially committed US$250 million, with an ambition to raise a larger pool of capital.

  Outcome. Partnership established; broader fundraising ambition announced.

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• 2023Catalytic Transition Fund

  Emerging markets

  Brookfield launched the fund at COP28 with United Arab Emirates support to channel climate finance toward emerging-market transition projects.

  Outcome. Fund later announced US$2.4 billion in commitments.

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• 2026Implement planned leadership successionStrategy

  Brookfield planned a transition from Bruce Flatt to Connor Teskey after the company's creation and early expansion.

  What changed. Teskey became chief executive, while Flatt remained chairman of Brookfield Asset Management and continued leading Brookfield Corporation.

  Aftermath. Operational leadership transferred to Teskey while strategic continuity with the Brookfield group was maintained.

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• 2024Relocate headquarters and reorganize ownershipStrategy

  Brookfield sought stronger access to United States capital markets and stock-market indexes while restructuring the relationship between the asset manager and Brookfield Corporation.

  What changed. The company announced a move from Toronto to New York City and plans connected with acquiring the broader group's remaining asset-management operations.

  Aftermath. New York City became the company's announced headquarters location, while Brookfield Corporation remained the controlling shareholder.

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• 2023Acquire remaining X-ELIO stakeM&A

  Brookfield sought to expand its renewable-power development platform.

  What changed. The company purchased the remaining 50 percent of Spanish solar developer X-ELIO.

  Aftermath. Brookfield obtained full ownership of the solar developer.

  X-ELIO equity value. Approximately US$2 billion (March 2023)

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• 2022Separate the asset-management businessStrategy

  Brookfield determined that its asset-management operations and its operating and investment businesses had different characteristics and growth opportunities.

  What changed. It created a separately traded Brookfield Asset Management while renaming the existing parent Brookfield Corporation and retaining a controlling stake.

  Aftermath. The new company began trading in December 2022 and continued operating as part of the broader Brookfield group.

  Announced expected value of the spin-off. US$80 billion estimated value at announcement (May 2022)

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• 2023Tax transparency and avoidance criticismControversy

  The Centre for International Corporate Tax Accountability and Research criticized Brookfield's tax transparency and alleged tax avoidance. Later reporting about Bermuda-registered entities led to additional political and public scrutiny.

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• 2021Carbon-neutrality accounting criticismControversy

  Critics challenged a claim that Brookfield's portfolio was carbon neutral, arguing that avoided emissions from renewable assets could not simply offset emissions associated with other investments, including fossil-fuel exposure.

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• 2026Brookfield announces succession from Bruce Flatt to Connor Teskey

  Connor Teskey succeeded Bruce Flatt as chief executive of Brookfield Asset Management, while Flatt remained chairman.

  Leadership change
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• 2025Mark Carney leaves chairmanship

  Mark Carney stepped down as chairman to pursue leadership of Canada's Liberal Party, and Bruce Flatt became chairman.

  Leadership change
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• 2025Brookfield acquires Chemelex

  Brookfield acquired Chemelex from nVent Electric in a transaction reported at approximately US$1.7 billion.

  M&A
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• 2024Brookfield signs renewable-energy development agreement with Microsoft

  Brookfield entered an agreement with Microsoft to develop approximately 10.5 gigawatts of new wind and solar generation capacity.

  CampaignProduct launch
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• 2024Hadley Peer Marshall appointed chief financial officer

  Brookfield announced that Hadley Peer Marshall would succeed Bahir Manios as chief financial officer.

  Leadership change
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• 2024Brookfield reaches more than US$1 trillion in assets

  Capital raising in the third quarter helped push Brookfield's assets under management or administration above the US$1 trillion threshold.

  Other
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• 2024Brookfield announces headquarters relocation to New York

  The company announced that it would move its headquarters from Toronto to New York City as part of a broader restructuring and ownership reorganization.

  Other
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• 2024Catalytic Transition Fund raises US$2.4 billion

  Brookfield announced that its Catalytic Transition Fund had secured US$2.4 billion to support climate-finance investments in emerging markets.

  Campaign
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• 2024Brookfield outbids Segro for Tritax EuroBox

  Brookfield agreed to acquire European property company Tritax EuroBox for approximately US$1.44 billion including debt.

  M&A
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• 2023Brookfield buys remaining stake in X-ELIO

  Brookfield acquired the remaining 50 percent of Spanish solar developer X-ELIO in a transaction valuing its equity at approximately US$2 billion.

  M&A
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• 2023Brookfield increases ownership of Oaktree Capital Management

  The company increased its interest in Oaktree to approximately 68 percent, strengthening its exposure to global credit and alternative investment strategies.

  M&A
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• 2023Brookfield completes acquisitions of Network International and American Equity Investment Life

  Brookfield acquired Middle Eastern payments processor Network International and American Equity Investment Life as part of its expansion into financial and insurance-related assets.

  M&A
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• 2023Brookfield and Sequoia Heritage establish Pinegrove Capital

  The partners formed Pinegrove Capital to invest in venture-capital-backed companies, with each initially committing US$250 million and a larger fundraising ambition.

  Other
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• 2022Brookfield announces separation of its asset-management business

  Brookfield announced plans to create a separately listed company for its asset-management operations, with Brookfield Corporation retaining a majority ownership position.

  Other
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• 2022Brookfield Asset Management begins public trading

  The newly separated Brookfield Asset Management began trading on December 12, establishing the public company that carries the asset-management brand.

  M&AOther
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1. Brookfield Asset Management