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Key Points
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Third-quarter earnings grew 15%: Fee-related earnings rose to $864 million and distributable earnings to $763 million, while fee-bearing capital increased 13% year over year to $682 billion.
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Fundraising remained strong: Brookfield raised $25 billion in the quarter and $123 billion in the first nine months of 2026, and expects a record year. Its flagship Core-Plus infrastructure fund had secured $26 billion in commitments toward a $30 billion target.
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Full-year earnings are expected to be modestly below initial expectations because of fee timing; the company also no longer expects a 2026 performance fee from BBU, though it said the fee could be realized later if the share price recovers.
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Brookfield Asset Management (NYSE:BAM) reported 15% growth in third-quarter fee-related and distributable earnings, as fundraising and investment activity increased across its alternative asset management businesses. The company also said full-year earnings would be modestly below its initial expectations because of the timing of two fees.
Fee-related earnings rose to $864 million, or $0.54 per share, while distributable earnings reached $763 million, or $0.47 per share. Fee-bearing capital increased 13% over the preceding 12 months to $682 billion.
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Brookfield raised $25 billion during the quarter and $123 billion in the first nine months of 2026. Chief Executive Officer Connor Teskey said the company expects a record fundraising year and a strong fourth quarter.
Infrastructure fundraising gathers pace
Managing Partner Rene Lubianski said Brookfield had raised or received approximately $50 billion in commitments for its infrastructure funds over the past year, excluding its separately managed energy funds.
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The sixth vintage of Brookfield’s flagship Core-Plus Global Infrastructure strategy had received $26 billion in commitments, including $13 billion after the third quarter ended. Lubianski said the fund was on track to exceed its $30 billion target in early 2027. Its predecessor received $28 billion.
Other infrastructure strategies also drew capital. Brookfield raised $8 billion for the fourth vintage of its high-yield infrastructure debt strategy and approximately $7 billion, including co-investment, for its open-ended super-core strategy over the preceding 12 months. Its private wealth infrastructure strategy raised $4 billion over that period, bringing it to $10 billion overall.
