Brookfield ( NYSE: BAM ) posted record inflows in Q2 and says its fundraising outlook remains strong. Distributable earnings for the quarter increased to $1.19B from $1.18B in Q1 and from $1.23B a year earlier.
Q2 distributable EPS of $0.84 vs. $0.96 in Q1 and $1.01 in the year-ago quarter.
The investment firm also said it's on track to distributing to shareholders and listing a 25% of its asset management business by year-end.
The company had record inflows of $56B since the end of the last quarter, of which $41B was raised during the quarter. It is finalizing the first closes for its sixth private equity flagship fund at $8B and its fifth infrastructure flagship fund for $20B. The company expects the final close of its flagship real estate fund in Q3 and expects to start fundraising for its next opportunistic credit fund vintage in coming months.
Fee-bearing capital of $392B at quarter-end rose from $379B at the end of Q1. Fee-related earnings of $525M vs. $501M the previous quarter.
The company invested and/or committed $36B of capital to new investments in the quarter, up from $33B in Q1.
Brookfield ( BAM ) generated $553M of carried interest during the quarter vs. $896M in Q1.
Gross target carried interest of $4.3B annually increased from $4.1B in Q1.
Brookfield ( BAM ) has $111B of capital available to deploy into new investments, a record and up from $85B at March 31, 2022.
Conference call at 10:00 AM ET.
Earlier, Brookfield Asset Management ( BAM ) FFO of $0.84 beats by $0.15, revenue of $23.26B beats by $3.84B
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Brookfield generates record inflows in Q2, sees strong fundraising outlook