Brookfield Asset Management (BAM.US) is launching a new AI infrastructure fund targeting $10 billion in equity capital, according to company executives. The asset manager has already secured $5 billion from investors, including NVIDIA (NVDA.US) and Kuwait’s sovereign wealth fund, while also leveraging Brookfield’s own balance sheet for financing. The fund will be deployed to develop and acquire AI-related infrastructure—such as data centers, power supply facilities, and semiconductor manufacturing plants—with a total potential value of up to $100 billion. A significant portion of the capital will be allocated to greenfield projects on undeveloped land.

Brookfield and its competitors, including Blackstone, are aggressively betting on the surging demand for data centers to support AI growth. A recent McKinsey analysis projects global data center capacity needs could more than triple by 2030. Brookfield has already invested billions in this sector. Last month, the firm signed a $5 billion partnership with Bloom Energy (BE.US) to power data centers. Additionally, Brookfield has secured collaborations with the governments of France and Sweden—committing roughly $10 billion for an AI hub in Sweden and $20 billion for data center and AI infrastructure development in France.

Connor Teskey, President of Brookfield, stated during an earnings call earlier this month: "We anticipate total AI-related infrastructure investments will exceed $7 trillion over the next decade. Brookfield’s unique advantage lies in owning and operating across the entire energy and digital infrastructure value chain, positioning us strongly to capitalize on this opportunity."