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Brookfield raises $8.3 bn for new private equity fund
Photo Credit: VCCircle

Brookfield Asset Management Inc has mopped up a tad more than $8.3 billion for its new private equity fund, as the Canadian alternative investment firm that has made big bets in India fills its coffers again.

The new fund, Brookfield Capital Partners V, raised the money from 150 investors, according to a filing to the US Securities and Exchange Commission. It hasn’t made its final close yet.

The fifth PE fund is now already double the size of its predecessor, which had closed at $4 billion in 2016.

The new fund will provide fresh arsenal to Brookfield and comes at a time when it has struck several big-ticket transactions in India.

Just last month, the Canadian investor agreed to invest Rs 25,215 crore ($3.66 billion) in Reliance Industries Ltd’s telecom tower assets in the single-biggest private equity deal ever in India.

Previously, Brookfield had joined a consortium to seal a $1.9-billion transaction to acquire a gas pipeline from companies controlled by RIL’s billionaire chairman Mukesh Ambani.

In India, Brookfield has made some other significant infrastructure bets, too. These include a $300 million transaction in 2017 in the largest private equity buyout deal in the roads sector.

In the hospitality sector, Brookfield signed a pact earlier this year to acquire four Leela Hotels for $576 million. This deal is yet to pass regulatory muster and has been challenged by ITC Ltd and Life Insurance Corp, the hotel company’s minority shareholders.

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