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- **Record Fundraising**: Q3 2025 saw $30 billion raised, with 2026 targets exceeding 2025 levels. Flagship infrastructure and private equity funds drive growth.
- **Oaktree Integration**: $350 billion credit platform combines real asset expertise with Oaktree's credit scale, targeting $5.8 billion in FRE by 2030.
- **AI and Renewable Growth**: Launch of AI Infrastructure Fund for $7 trillion in investments, with Q3 renewable power deployments at record levels.
- **Margin Expansion**: 58% operating margins reflect disciplined cost management and strategic acquisitions, with FRE up 17% YoY.
- **Retail Expansion**: New private equity and infrastructure funds target high-net-worth and insurance markets, leveraging Brookfield's 25-year track record.


**【CEO Summary Section】**
- **Record Fundraising Momentum**: CEO Bruce Flatt highlighted Q3 2025 as the most active period in Brookfield's history, with $30 billion raised in the quarter and $106 billion over 12 months. Flagship infrastructure and private equity funds are expected to drive 2026 fundraising surpassing 2025 levels.
- **Strategic Acquisitions**: Announcement of acquiring the remaining 26% stake in Oaktree Capital Management to create a $350 billion credit platform, enhancing integration of real asset expertise with credit investing.
- **AI and Infrastructure Growth**: Launch of AI Infrastructure Fund targeting $7 trillion in AI-driven infrastructure investments over the next decade, with a focus on renewable energy and digital infrastructure.

**【CFO Financial Commentary】**
- **Fee-Related Earnings (FRE)**: Q3 FRE reached $754 million, up 17% YoY, driven by record deployments ($70 billion) and monetizations ($23 billion). Margins expanded to 58%, reflecting operational efficiency and strategic acquisitions.
- **Balance Sheet Strength**: $2.6 billion in liquidity, with $750 million in new senior notes issued to extend maturity profiles. Oaktree acquisition expected to add $200 million in annual FRE.
- **Dividend Policy**: Quarterly dividend of $0.4375 per share, maintaining strong capital return discipline.

**【Q&A Highlights】**
- **Credit Business Resilience**: CFO Hadley Peer Marshall emphasized focus on real asset-backed credit (infrastructure, real estate), avoiding commoditized direct lending. Q3 fee rates elevated due to one-off transaction fees but expected to normalize.
- **Oaktree Integration**: CEO Bruce Flatt outlined synergies from combining Brookfield's real asset scale with Oaktree's credit expertise, targeting $5.8 billion in FRE by 2030.
- **Retail Growth Strategy**: Launch of private equity and infrastructure funds for high-net-worth individuals, leveraging Brookfield's track record in real assets to attract 401(k) and insurance markets.


Brookfield Asset Management Ltd.(BAM)-20251107-2025 Q3 Earnings call transcript

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