Brookfield Asset Management Voting Ord Shs Class A BAM

TD

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This is a flash report so there's potential for them to raise their current US79.00 target. GLTA

Brookfield Asset Management Inc.

(BAM-N, BAM.A-T) US$43.81 | C$56.64

Record $15bln Raised for Inaugural Global Transition Fund Event

BAM announced that it has held the final institutional close for the Brookfield Global Transition Fund (BGTF) with total capital raised of $15bln.

Impact: POSITIVE

• The $15bln fund is the largest-ever private fund raised to support the transition to a net-zero carbon economy, which we see as supportive of our view that BAM has an opportunity to carve out a first-mover advantage in this emerging asset class, much as it did in infrastructure 10+ years ago. The fund significantly exceeded its initial hard cap of $12.5bln, and the final fund size was oversubscribed, with commitments from a diverse group of more than 100 investors. BAM is the largest investor in the fund, consistent with its model of creating alignment by investing significant capital alongside its clients. The $15bln includes investments from institutional investors in and alongside the fund, as well as amounts reserved for the private wealth channel.

• The fund invests in the transformation of carbon-intensive industries, as well as the development and accessibility of clean energy, leveraging BAM's considerable experience in renewable power. The fund will report to investors on its dual objectives of earning strong risk-adjusted returns and generating measurable positive environmental change.

• The fund has already committed/deployed $2.5bln to-date, including 1) the acquisition of U.S. and German solar power and battery developers, with a combined renewable power development pipeline capacity of ~25,000 MW; 2) an investment in a carbon capture and storage developer to fund the rollout of the company's technology across energy/industrial facilities in North America; and 3) a development partnership with a U.K. battery storage provider to roll out up to 1,200 MW of capacity alongside 200 MW of co-located solar power.

• While the fund is now closed to institutional investors, it remains open to a limited number of private wealth investors through Brookfield Oaktree Wealth Solutions, which makes institutional-caliber alternative investment products available to individual investors through financial advisors.