Key Takeaways
- • Brookfield Asset Management targets doubling fee-bearing capital to approximately $2.6 trillion by 2031, up from over $600 billion as of 2025, representing a strategic five-year growth initiative driven by flagship funds, complementary strategies, insurance capital, and private-wealth products.
- • Management projects nearly $11 billion in revenue and fee-related earnings per share of $4.08 by 2031, with 88% of capital now structured as long-term or permanent, providing revenue stability and reducing sensitivity to market cycles.
- • The completed acquisition of Oaktree's remaining 26% stake expands Brookfield's credit platform to $416 billion in assets, with management targeting a doubling of credit fee-bearing capital over the next five years as a standalone growth pillar.
- • CEO Connor Teskey attributed momentum to diversification across geographies, investors, products, and investment capabilities, with strategic exposure to AI-driven infrastructure, data-center power solutions, energy demand themes including nuclear and renewables, and traditional real-estate and private-equity opportunities.
- • Record 2025 fundraising supported 22% year-over-year growth in fee-related earnings and 14% growth in distributable earnings, demonstrating execution against the stated objective of doubling the asset-management business every five years or less.
Summary
Brookfield Asset Management outlined an ambitious growth strategy at its 2026 Investor Day, targeting a near-doubling of fee-bearing capital to approximately $2.6 trillion by 2031. The plan represents a significant acceleration of the firm's established practice of doubling its asset-management business every five years or less. As of 2025, BAM had grown fee-bearing capital to over $600 billion, with 22% year-over-year growth in fee-related earnings and 14% growth in distributable earnings, establishing momentum heading into the five-year planning period.
Management's 2031 targets include nearly $11 billion in revenue and fee-related earnings per share of $4.08, underpinned by a structural advantage: 88% of capital is now structured as long-term or permanent, with 95% of fee revenues tied to long-term or perpetual capital. This composition significantly reduces cyclical earnings volatility and provides predictable revenue streams essential for institutional investors evaluating BAM's durability through market downturns.
The Oaktree acquisition, completed in 2026, serves as a critical growth catalyst. The purchase of Oaktree's remaining 26% stake expands Brookfield's credit platform to $416 billion in assets under management. Management explicitly targeted a doubling of credit fee-bearing capital over the subsequent five years, positioning credit as a discrete growth engine within the broader diversification strategy.
CEO Connor Teskey emphasized that growth will be driven by exposure to structural macro trends including AI-driven infrastructure demands, data-center power solutions, compute-infrastructure financing, battery storage, nuclear energy, and renewables. These themes complement traditional opportunities in real estate and private equity. The strategy reflects BAM's positioning at the intersection of energy transition, digitalization, and supply-chain reshoring—secular trends likely to sustain elevated capital demand throughout the planning horizon.
The fee-bearing capital growth target incorporates contributions from flagship funds, complementary strategies, insurance capital acquisition (including $50 billion of expected additional insurance fee-bearing capital from recent transactions generating approximately $125 million in annual fees), and private-wealth products. This multi-channel approach reduces concentration risk and allows BAM to capture growth across institutional, insurance, and high-net-worth investor segments simultaneously.
Management's 2031 targets include nearly $11 billion in revenue and fee-related earnings per share of $4.08, underpinned by a structural advantage: 88% of capital is now structured as long-term or permanent, with 95% of fee revenues tied to long-term or perpetual capital. This composition significantly reduces cyclical earnings volatility and provides predictable revenue streams essential for institutional investors evaluating BAM's durability through market downturns.
The Oaktree acquisition, completed in 2026, serves as a critical growth catalyst. The purchase of Oaktree's remaining 26% stake expands Brookfield's credit platform to $416 billion in assets under management. Management explicitly targeted a doubling of credit fee-bearing capital over the subsequent five years, positioning credit as a discrete growth engine within the broader diversification strategy.
CEO Connor Teskey emphasized that growth will be driven by exposure to structural macro trends including AI-driven infrastructure demands, data-center power solutions, compute-infrastructure financing, battery storage, nuclear energy, and renewables. These themes complement traditional opportunities in real estate and private equity. The strategy reflects BAM's positioning at the intersection of energy transition, digitalization, and supply-chain reshoring—secular trends likely to sustain elevated capital demand throughout the planning horizon.
The fee-bearing capital growth target incorporates contributions from flagship funds, complementary strategies, insurance capital acquisition (including $50 billion of expected additional insurance fee-bearing capital from recent transactions generating approximately $125 million in annual fees), and private-wealth products. This multi-channel approach reduces concentration risk and allows BAM to capture growth across institutional, insurance, and high-net-worth investor segments simultaneously.
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