Over $135 Billion of Capital Inflows; $48 Billion of Capital Deployed in 2024
Quarterly Fee-Related Earnings up 17% Year-Over-Year to a Record $677 Million
NEW YORK, Feb. 12, 2025 (GLOBE NEWSWIRE) -- Brookfield Asset Management Ltd. (NYSE: BAM, TSX: BAM) ("BAM”), a leading global alternative asset manager headquartered in New York with over $1 trillion of assets under management, today announced financial results for the year ended December 31, 2024.
Connor Teskey, President of Brookfield Asset Management, stated, "2024 was another strong year for our business. We raised over $135 billion of capital, including a record $29 billion of organic fundraising in the fourth quarter. This fundraising momentum, alongside annual capital deployments of $48 billion drove year-over-year growth of 18% for our fee-bearing capital, and 17% for our fourth quarter fee-related earnings.”
He continued, "2025 is shaping up to be yet another record year for us. We have a great foundation in place, with well-positioned, diversified fund offerings in leadership positions across the fastest growing areas in the alternatives space. Driven by the growth in our flagship and complementary funds and credit business, this positive outlook and our strong financial position enabled us to raise our quarterly dividend by 15%. Finally, last week we closed the previously announced transaction between BAM and Brookfield Corporation, and as a result, BAM, with 1.6 billion shares now outstanding, owns the entire asset management business at an equity market capitalization approaching $100 billion.”
Operating Results
Brookfield Asset Management Ltd.
Net income for BAM, the publicly traded entity, totaled $186 million for the quarter (2023 - $95 million). Up until the closing of the transaction last week, BAM owned an approximate 27% interest in our asset management business with the other approximate 73% owned by Brookfield Corporation (BN). In order to provide meaningful comparative information and inform you on how BAM results will look in the future, the discussion that follows relates to the financial results on a 100% basis for our asset management business.
| Brookfield Asset Management 1 |
|
For the periods ended December 31 (US$ millions, except per share amounts) | Three Months Ended | Twelve Months Ended | |||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Fee-Related Earnings2 | $ | 677 | $ | 581 | $ | 2,456 | $ | 2,241 | |||||||
| Add back: equity-based compensation costs and other3 | 60 | 50 | 208 | 199 | |||||||||||
| Less: cash taxes | (88 | ) | (45 | ) | (301 | ) | (196 | ) | |||||||
| Distributable Earnings2 | $ | 649 | $ | 586 | $ | 2,363 | $ | 2,244 | |||||||
| Fee-related earnings per share | $ | 0.42 | $ | 0.36 | $ | 1.51 | $ | 1.37 | |||||||
| Distributable earnings per share | $ | 0.40 | $ | 0.36 | $ | 1.45 | $ | 1.37 | |||||||
| Net income attributable to Brookfield Asset Management | $ | 688 | $ | 374 | $ | 2,168 | $ | 1,839 | |||||||
Operating Highlights
Financial Results
Fee-bearing capital (FBC) reached $539 billion at the end of the fourth quarter, up $82 billion or 18% over the past year.
In the quarter, FBC benefitted from fundraising within our transition and real estate flagship funds, deployments within our infrastructure debt fund, and NAV increases across Oaktree perpetual credit funds, partially offset by a decrease in our listed affiliate share prices.
On the back of this growth in fee-bearing capital, fee-related earnings were a record $677 million ($0.42 / share) for the quarter and $2.5 billion ($1.51 / share) over the last twelve months, up 17% and 10% over the same periods in the prior year, respectively.
Distributable earnings were $649 million ($0.40 / share) for the quarter and $2.4 billion ($1.45 / share) over the last twelve months, up 11% and 5% over the same periods in the prior year, respectively.
Fundraising
We raised $29 billion in the fourth quarter of 2024 and $137 billion during the year. Our complementary strategies continue to scale and contribute to a greater proportion of our overall fundraising in the quarter. Notable fundraising updates for the fourth quarter include:
- In renewable power, we raised $4.2 billion of capital, including $3.5 billion for the second vintage of our global transition flagship fund strategy. We expect to hold a final close for this flagship in the first half of 2025.
- In infrastructure, we raised a total of $2.5 billion, including $700 million for our supercore infrastructure strategy, our strongest quarter in over two years. We also raised nearly $700 million for our private wealth infrastructure fund and over $500 million for our infrastructure structured solutions fund.
- In private equity, we raised $1.8 billion of capital in the quarter, including $1.0 billion for our Middle East fund and $500 million for the second vintage of our special investments fund.
- In real estate, we raised over $700 million of capital during the quarter, including nearly
$500 million raised for the fifth vintage of our flagship real estate fund strategy. We expect to hold a final close for this flagship in the first half of 2025.
- In credit, we raised approximately $20 billion of capital. This included $9.2 billion raised across Oaktree funds and strategies, $6.6 billion from insurance clients, $1.7 billion for our fourth vintage infrastructure debt fund, and approximately $900 million across our other credit partner managers.
We deployed $16 billion of capital in the fourth quarter of 2024, and $48 billion during the year. Recent notable deployments include:
- In renewable power and transition, we deployed $4.5 billion of capital, including $3.2 billion into our acquisition of Neoen, a global, leading, pure-play renewable development business, which was previously announced in June. Subsequent to the end of the quarter, we announced an $850 million investment into Origis Energy, a U.S. renewable energy developer, out of our infrastructure structured solutions fund.
- In real estate, we deployed $2.4 billion of capital, including over $800 million in deployments out of the fifth vintage of our real estate flagship fund into a portfolio of U.S. multifamily properties with nearly 5,000 units, a portfolio of 14 U.S. student-housing assets with nearly 9,000 beds and Tritax, a publicly-listed pan-European logistics REIT.
- In credit, we deployed $7.7 billion in the quarter, including $2.4 billion out of our opportunistic credit flagship fund series and over $900 million from our strategic credit private wealth fund.
- In renewable power and transition, we monetized $1.4 billion of capital in the quarter, including the sale of Saeta Yield and a partial sale of Shepherds Flat.
- In real estate, we monetized $1.8 billion of capital, including the sale of a portfolio of shopping centers in the U.K.
- In private equity, subsequent to the end of the quarter, Clarios, the world's leading provider of advanced low-voltage batteries, completed an upfinancing which funded a $4.5 billion distribution.
As of December 31, 2024, we had a total of $115 billion of uncalled fund commitments.
- Uncalled fund commitments include $53 billion which is not currently earning fees but will earn approximately $530 million of fees annually once deployed.
Recent Strategic Transactions and Corporate Announcements
- As mentioned above, and subsequent to the end of the quarter, BAM acquired BN's 73% private interest in our asset management business in exchange for BAM Class A Shares. The transaction has simplified our corporate structure, enhanced governance and given BAM 100% ownership of the asset management business. This positions BAM for inclusion in a broader set of global stock indices.
The board of directors of Brookfield Asset Management Ltd. declared a quarterly dividend of $0.4375 per share, representing a 15% increase, payable on March 31, 2025, to shareholders of record as of the close of business on February 28, 2025.
| End Notes |
- Reflects full period results unless otherwise noted on a 100% basis for Brookfield Asset Management, being Brookfield Asset Management ULC and its subsidiaries, including its share of the asset management activities of partly owned subsidiaries.
- See Reconciliation of Net Income to Fee-Related Earnings and Distributable Earnings on page 6 and Non-GAAP and Performance Measures section on page 8.
- Equity-based compensation costs and other income includes Brookfield Asset Management's portion of partly owned subsidiaries investment income, realized carried interest, and other items.
| Brookfield Asset Management Ltd. Statement of Financial Position |
| Unaudited As at December 31 (US$ millions) | December 31, | December 31, | ||||
| Assets | ||||||
| Cash and cash equivalents | $ | 12 | $ | 9 | ||
| Investment in Brookfield Asset Management | 3,331 | 2,270 | ||||
| Due from affiliates | 968 | 886 | ||||
| Other assets | 75 | 40 | ||||
| Total Assets | $ | 4,386 | $ | 3,205 | ||
| Liabilities | ||||||
| Accounts payable and other | $ | 879 | $ | 859 | ||
| Due to affiliates | 229 | 261 | ||||
| Total Liabilities | 1,108 | 1,120 | ||||
| Equity | ||||||
| Total Equity | 3,278 | 2,085 | ||||
| Total Liabilities and Equity | $ | 4,386 | $ | 3,205 | ||
| Brookfield Asset Management Ltd. Statement of Operating Results |
| Unaudited For the periods ended December 31 (US$ millions, except per share amounts) | Three Months Ended | Year Ended | |||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Equity accounted income | $ | 192 | $ | 104 | $ | 570 | $ | 470 | |||||||
| Compensation and other expenses | (6 | ) | (9 | ) | (29 | ) | (19 | ) | |||||||
| Net Income | $ | 186 | $ | 95 | $ | 541 | $ | 451 | |||||||
| Net income per share of common stock | |||||||||||||||
| Diluted | $ | 0.42 | $ | 0.24 | $ | 1.28 | $ | 1.13 | |||||||
| Basic | $ | 0.44 | $ | 0.24 | $ | 1.31 | $ | 1.15 | |||||||
| Brookfield Asset Management Statement of Financial Position |
| Unaudited As at December 31 (US$ millions) | December 31, | December 31, | ||||
| Assets | ||||||
| Cash and cash equivalents | $ | 404 | $ | 2,667 | ||
| Accounts receivable and other | 713 | 588 | ||||
| Investments | 9,606 | 7,522 | ||||
| Due from affiliates | 2,501 | 2,504 | ||||
| Deferred income tax assets and other assets | 933 | 1,009 | ||||
| Total Assets | $ | 14,157 | $ | 14,290 | ||
| Liabilities | ||||||
| Accounts payable and other | $ | 1,829 | $ | 1,799 | ||
| Due to affiliates | 1,091 | 986 | ||||
| Deferred income tax liabilities and other | 2,149 | 2,206 | ||||
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