Brookfield Asset Management has raised $1.22 billion across two infrastructure funds the firm is currently raising, according to public disclosures made by the firm.
The Toronto-based asset manager said in a statement that it held a first close on $320 million for a Colombia-focused infrastructure fund. The fund is targeting $400 million in total commitments.
Commitments came from Colombian institutional investors, including insurance companies and pension funds based in the Latin American country. Brookfield Asset Management is also participating in the fund up to a maximum of 30 percent of the $400 million target.
Brookfield established an office in Bogota, Colombia's capital, earlier this year. The office is led by Fernando Garcia-Rossel, Brookfield's head of Andean Region Infrastructure.
The fund is believed to be the largest private equity and infrastructure ever raised in the Latin American country, according to the statement.
Brookfield isn’t the only asset manager looking to enter the Colombian infrastructure sector. In February, a consortium led by emerging markets-focused investment firm Ashmore Investment Management was selected as the manager of the Infrastructure Fund of Colombia, a fund sponsored by the Colombian government and two multilateral institutions in the region. The fund is targeting $500 million in commitments.
Separately, Brookfield disclosed in a regulatory filing submitted to the US’ Securities and Exchange Commission (SEC) late last month that it has sold $900 million of commitments for the Brookfield Americas Infrastructure Fund. The fund is targeting $2.5 billion in total commitments, according to the filing.
In April, the firm disclosed in a regulatory filing with the SEC that it had raised $650 million for the Brookfield Americas Infrastructure Fund, which was incorporated last year.
The news comes amid a difficult fundraising season for infrastructure and other illiquid asset classes. Infrastructure funds globally raised only $4.7 billion in the first half of the year, or about one-fifth their 2008 total, according to updated fundraising data recently provided to InfrastructureInvestor by San Francisco-based placement agent Probitas Partners.