Brookfield raised nearly $2B for a Middle East PE fund anchored by Saudi Arabia's PIF, which will allocate half the capital inside the kingdom. Brookfield committed $500M.
Brookfield Asset Management has raised nearly $2 billion for a new private equity fund anchored by Saudi Arabia's Public Investment Fund, the first close of a vehicle that will target companies in the kingdom and the wider Middle East.
The fund, Brookfield Middle East Partners, raised capital from a group of regional and international institutional investors. Brookfield itself committed $500 million to the vehicle, the firm said in a statement. The fund will focus on buyouts, minority growth equity, and other investments across financial services, industrials, technology, and healthcare.
PIF's role as a major investor fits its strategy of directing foreign capital into Saudi Arabia through partnerships with large asset managers. The fund intends to allocate half its capital within the kingdom, the statement said. PIF has struck similar anchor-investor deals with BlackRock and Apollo Global Management in recent years.
Brookfield will also open its Brookfield Academy training program in Saudi Arabia, an online platform that offers courses for professionals at the firm's partner institutions. The academy was launched in 2019.
The fund will operate out of Brookfield's Riyadh office, which opened in 2023, and its broader network across the Gulf. The Middle East has become a growing focus for large alternative asset managers as Gulf sovereign funds deploy more capital domestically and regionally, part of economic diversification plans that reduce reliance on oil revenue.
No closing date for the fund was announced.
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