Brookfield closes first infra debt fund at $885m

The experienced infrastructure fund manager has closed its inaugural debt vehicle above target.

Brookfield Asset Management has held a final close at $885 million on its infrastructure debt vehicle.

The Brookfield Infrastructure Debt Fund I was launched in June 2016 with a $700 million target and had raised $283.5 million by June 2017 according to a regulatory filing.

The vehicle is Brookfield’s first focusing on infrastructure debt. It will focus on mezzanine debt investments in core infrastructure assets, primarily in North America, but will also invest in South America, Australia and Europe.

Brookfield said the fund’s investors represent a diverse group of institutions including pension funds and financial groups.

Sam Pollock, senior managing partner and head of Brookfield’s Infrastructure Group, said: “We are pleased to leverage our extensive infrastructure and credit expertise into high quality infrastructure debt investments that offer attractive, risk-adjusted returns.”

The fund has already made several investments in infrastructure debt covering transportation, renewable power and energy worth about $200 million.

Brookfield is a global alternative asset manager with more than 100-years of history. It currently has $265 billion in assets under management across infrastructure, real estate, debt and private equity.