Brookfield Asset Management brought in a record $77 billion in the second quarter as fundraising and capital deployment continue to pick up.
Fundraising in the period was driven the New York asset manager's flagship strategies and a sizable $40 billion investment management mandate from U.K. retirement service provider Just Group. It brought Brookfield's fundraising to $98 billion year-to-date, more than half what was raised for all of 2025.
The quarter included the first $5 billion raised in the investment firm's AI Infrastructure Fund, while the seventh vintage of its private equity flagship strategy raised $6.7 billion and the sixth vintage of its infrastructure flagship strategy raised $9.3 billion, putting both funds on track to be the largest of their respective vintage.
"Our ability to fundraise across the largest and most diverse pools of global capital and deploy into the largest and most attractive investment themes continues to accelerate," Chief Executive Connor Teskey said. "The current environment is increasing demand for high-quality real assets and essential service businesses."
Brookfield also is benefiting from the acquisition of the remaining minority stake in credit-focused Oaktree Capital Management that it didn't already own, strengthening the asset manager's credit platform, Teskey said. That deal closed this week and made the U.S. Brookfield's largest market, and home to more than 60% of its employee base and source of nearly half its revenue.
Brookfield recorded distributable earnings, a measure of cash that can be returned to shareholders, of $707 million, or 44 cents a share, in three months through June, up from $613 million, or 38 cents, a year earlier. That beat the $697 million consensus estimate of analysts polled by FactSet.
Net income increased to $904 million, or 56 cents a share, from last year's $620 million, or 38 cents, while revenue rose 61% to $1.75 billion.
Fee-related earnings for the second quarter were up 20% to $808 million.
Brookfield, one of several listed entities controlled by Toronto-based parent Brookfield Corp., said a growing set of investment opportunities support strong capital deployment, with $21 billion invested across its business during the quarter. It also monetized $11 billion in the quarter through the sale of assets advanced several other exit transactions.
The company deployed $3.3 billion in the infrastructure sector in the period, including $1.7 billion to buy a U.S. fiber-to-the-home business and a $1 billion investment for incremental funding on construction of a U.S. semiconductor fabrication facility. In the energy industry, Brookfield shelled out $1 billion across several renewable investments, and in July after the end of the last quarter it committed about $3 billion to buy the largest standalone energy storage business in North America.
In real estate, which Brookfield's fundraising efforts brought in $4.3 billion across segment funds, it deployed $5.2 billion, including the acquisition of a privately held U.S. manufactured home portfolio and the take-private of an outdoor industrial storage portfolio.
As of the end of December, Brookfield had a total of $149 billion of uncalled fund commitments, $68 billion of which it said will generate roughly $680 million of annual fees once deployed. It sat on corporate liquidity of $3.1 billion as the second quarter ended, made up of cash reserved for the purchase of Oaktree, short term financial assets, and undrawn capacity on its revolving credit facility.
Brookfield's assets under management included $406 billion invested in infrastructure assets, which includes energy investments, as well as $280 billion in real estate, $166 billion in private equity and $415 billion in credit assets.
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