Canadian alternative investment firm Brookfield Asset Management announced that it secured $1.5 billion in commitments from Asia Pacific-based investors for its latest global infrastructure debt fund, Brookfield Infrastructure Debt Fund III.
The said fund closed with over $6 billion in total commitments, including over $400 million in discretionary co-investment capital, making it the world’s largest private infrastructure debt vehicle, per the announcement.
The fund is targetting a 10-20% capital allocation in the Asia Pacific region, with a focus on Australia, New Zealand, Japan, Korea, and Singapore. It invests in the renewable power, data, transport, utilities, and midstream sectors.
“We intend to ramp up our investment activity across Asia Pacific during the coming 18 months as we see significant opportunities to invest across our key investment themes,” said Sean Robertson, senior vice president at Brookfield Infrastructure.
The fund, which is more than double the size of its predecessor, received support from institutional partners, including public and private pension plans, sovereign wealth funds, financial institutions, endowments, foundations, and family offices.
The predecessor fund, Brookfield Infrastructure Debt Fund II, closed in December 2020 at $2.7 billion.
Brookfield, which manages assets worth over $850 billion, committed $600 million to the global infrastructure debt fund, according to the announcement.
Fund III has already deployed over 50% of its commitments, with investments in renewable power and data infrastructure sectors, some of its core infrastructure sectors.
The final close of Fund III comes barely a month after Brookfield announced the closing of its latest flagship global private equity fund at $12 billion. The fund, called Brookfield Capital Partners VI, is the largest PE investment vehicle raised by Brookfield to date.
Brookfield said it committed $3.5 billion to the PE fund, which, to date, has committed approximately $4 billion to acquire six market-leading businesses.
While Brookfield invests in countries across the world, in India alone, it has deployed around $22 billion across a gamut of sectors such as real estate, infrastructure, renewable energy, and hospitality, among others.