$5bn targeted for Brookfield fund

Brookfield Asset Management is raising a fund to invest in infrastructure in North and South America as well as Europe and Austrasia.

Brookfield Asset Management (BAM) is raising a $5 billion fund to invest in infrastructure in North and South America as well as Europe, Australia and New Zealand.

Brookfield Infrastructure Fund II (BIF II) has secured a $100 million from the New Mexico State Investment Council (NM State Investment Council or SIC). Katherine Vyse, senior vice president of investor relations for Brookfield in Toronto, declined comment.
A report from pension consultant The Townsend Group, which recommended BIF II to SIC, noted the fund was going to invest 35 percent of its capital in renewable energy, as well as 35 percent in transportation infrastructure.
 
The remaining capital would be invested in energy, Townsend Group noted. 
The fund would focus on the US and Canada, allocating 40 percent of its portfolio to infrastructure in North America, 25 percent to Europe, 20 percent to South America and 15 percent to Australia and New Zealand.  
BIF II is going to spend $200 million to $500 million per investment, the report claimed.
 
BAM, a $150 billion asset manager, has a $33 billion infrastructure investment business.
 
In addition to BAM, Morgan Stanley in 2013 is raising a second infrastructure fund, Morgan Stanley 
 
Infrastructure Partners II (MSIP II), with a $2.5 billion fundraising goal, while Macquarie Group is targeting $2 billion for its Macquarie Infrastructure Partners III (MIP III).
 
EQT closed its EQT Infrastructure II on $1.5 billion.
 
In 2012, fundraising topped $23.5 billion, according to placement agent Probitas Partners.