Brookfield fund moves up to $6.58bn

The Brookfield offering, which had reached over $6bn in the summer, will invest heavily in North America.

Brookfield Asset Management's (BAM) Brookfield Infrastructure Fund II (BIF) has raised $6.58 billion in an interim close, according to a US regulatory filing.

BAM, a $150 billion Toronto-based alternative investment manager, will use the fund to deploy capital in North and South America, Australia, New Zealand and Europe. In July, a previous regulatory filing said BIF II had reached $6.23 billion. Reports suggest the fund has a hard cap of $7.0 billion.  

Brookfield had set an initial $5.0 billion fundraising target for BIF II, but went on to secure pension fund dollars from the New York City Employees Retirement System (NYCERS) and the Teacher Retirement System of Texas (TRS) on its way to surpassing its preliminary goal.

The Maine Public Employees Retirement System (MainePERS) and New Mexico State Investment Council (SIC) have also invested in the fund.

BIF II will invest heavily in infrastructure in the US and Canada, allocating 40 percent of its total assets to North America. Twenty-five percent of BIF II will be invested in Europe, while 20 percent will be invested in Latin America. The remaining 15 percent of the fund will be divvied up between Australia and New Zealand.

Brookfield is expecting to commit between $200 million and $500 million per investment.

BIF II is the largest infrastructure fund raised in 2013. Last year, Global Infrastructure Partners' second fund became the largest-ever infrastructure fund, closing on $8.25 billion.