Brookfield Asset Management Targets Doubling Fee-Bearing Capital by 2031

Key Points

• Brookfield Asset Management plans to roughly double fee-bearing capital to about $2.6 trillion by 2031, supported by flagship funds, complementary strategies, insurance capital and private-wealth products. Management projects nearly $11 billion in revenue and fee-related earnings per share of $4.08 by 2031.
• The completed acquisition of Oaktree’s remaining 26% stake expands Brookfield’s credit platform to $416 billion in assets, with management targeting a doubling of credit fee-bearing capital over the next five years.
• AI-driven infrastructure and energy demand remain key growth themes, including data-center power solutions, compute-infrastructure financing, batteries, nuclear energy and renewables, alongside continued opportunities in real estate and private equity.

Brookfield Asset Management NYSE: BAM used its 2026 Investor Day to outline plans to double fee-bearing capital by 2031, supported by fundraising across flagship funds, complementary strategies, insurance capital and private wealth products. Management also emphasized the July acquisition of the remaining interest in Oaktree as a catalyst for the company’s expanded credit platform.

Chief Executive Officer Connor Teskey said Brookfield is on track or ahead of its objective to double the size of the asset-management business every five years or less. He attributed the company’s momentum to its diversification across geographies, investors, products and investment capabilities, as well as its exposure to digitalization, energy demand and supply-chain reshoring.

“Every business at Brookfield is printing records right now,” Teskey said, pointing to infrastructure, energy, private equity, real estate and credit. He said the company is investing and monetizing more capital than at any previous point in its history while maintaining long-term growth targets.

Fundraising, deployment and earnings targets

Chief Financial Officer Hadley Peer Marshall said Brookfield’s earnings have risen 40% since its 2022 spinout from Brookfield Corporation. The company currently has $670 billion of fee-bearing capital, including roughly $250 billion in permanent capital from listed affiliates and insurance channels, and $425 billion in long-term private-fund capital from institutional and individual investors.

Brookfield raised $163 billion over the past 12 months, according to Marshall, who said 2026 is expected to be a record fundraising year on an organic basis. Deployment doubled to $160 billion over the same period, while monetizations tripled over five years to reach $90 billion during the past 12 months.

Management’s five-year plan calls for fee-bearing capital to increase from $1.3 trillion to roughly double that amount by 2031. Marshall said the company expects the growth to be broad-based, with approximately 75% of projected capital growth coming from flagship funds, mature complementary strategies and insurance capital.

• Flagship fundraising is projected to rise from $129 billion raised over the past five years to $175 billion over the next five years.
• Complementary strategies, which raised $195 billion over the past five years, are expected to nearly double by 2031.
• Brookfield Wealth Solutions assets managed under its investment-management agreement are projected to grow from $150 billion to $360 billion by 2031.

Marshall said the company expects nearly $11 billion in revenue by 2031, with fee-related earnings per share projected to reach $4.08, compared with $1.97 currently. Distributable earnings per share are projected at $3.99, compared with $1.75 today, supported by an expected $1.4 billion in realized carried interest by 2031. The company said these assumptions support its long-term goal of 15% annual dividend growth and could provide paths to annualized earnings growth above 20%.

Oaktree integration expands credit platform

Bob O’Leary, co-chief executive officer of credit, said Brookfield completed its acquisition of the 26% of Oaktree it did not already own on July 31. The combined credit platform manages $416 billion across opportunistic credit, real assets, asset-based finance and performing corporate credit.

O’Leary said the platform’s growth opportunity is supported by client consolidation among limited partners, expanded sourcing capabilities and Brookfield Wealth Solutions’ long-duration insurance capital. He said Brookfield Credit expects fee-bearing capital to double over the next five years.

The company identified infrastructure and real estate lending, asset-based finance and opportunistic credit as key deployment areas. O’Leary said Brookfield’s infrastructure and real estate debt businesses manage more than $50 billion and have completed nearly 600 transactions, while its asset-based finance capability manages close to $60 billion across more than 1,800 transactions.

AI, energy and real assets remain central themes

Executives repeatedly highlighted artificial intelligence-related infrastructure and energy demand as major drivers of investment activity. Teskey said AI is affecting not only the company’s dedicated artificial intelligence infrastructure fund, but also its traditional infrastructure, energy, real estate and private-equity operations.

Brookfield Infrastructure CEO Sam Pollock said the company has a $25 billion program with Bloom Energy to provide behind-the-meter power solutions for data centers, up from $5 billion less than a year earlier. He also cited Brookfield’s participation in a $500 billion program to finance compute infrastructure.

Teskey said batteries and nuclear are Brookfield’s two fastest-growing businesses, while renewable energy continues to expand. Brookfield’s energy business expects a record year for both asset sales and new investments, he said, as it sells stabilized contracted assets and reinvests proceeds into development.

In real estate, CEO Lowell Baron said Brookfield sees opportunities in rental housing, logistics, senior living and manufactured housing. In private equity, CEO Anuj Ranjan said the firm is finding opportunities among industrial, manufacturing and infrastructure-services businesses that may be overlooked as investors focus on AI-related companies.

Teskey concluded that Brookfield’s strategy is to combine capital raising from large global pools of capital with investment in major structural themes, while maintaining discipline around asset quality, contracts and counterparty credit risk.

About Brookfield Asset Management (NYSE:BAM)

Brookfield Asset Management Ltd. is a global alternative asset manager that provides investment management services to institutional investors, governments, financial institutions and private-wealth clients. The company manages and invests capital on behalf of clients through a range of private and public investment strategies.

Its principal investment businesses include real estate, infrastructure, renewable power and transition, private equity, and credit. Brookfield seeks to invest in high-quality assets and businesses, often taking an active ownership and operating role.

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