Brookfield Asst Stock Price, News & Analysis

Brookfield Asset Management (NYSE: BAM, TSX: BAM) has announced an initial closing of $2.4 billion for its Catalytic Transition Fund (CTF), targeting up to $5 billion for clean energy and transition assets in emerging markets. The fund is anchored by a $1 billion catalytic capital investment from ALTÉRRA, with additional commitments from CDPQ, GIC, Prudential, and Temasek, among others.

CTF aims to deploy capital in South and Central America, South and Southeast Asia, the Middle East, and Eastern Europe. ALTÉRRA's commitment is designed to improve risk-adjusted returns for other investors. Brookfield has committed 10% of the fund's target. The fund expects to announce initial investments later in 2024, with a traditional first close anticipated by early 2025.

This partnership addresses the need to increase clean energy investment in emerging markets sixfold to reach $1.6 trillion annually by the early 2030s, aligning with global net zero targets.

Brookfield Asset Management (NYSE: BAM, TSX: BAM) has completed a $1.5 billion strategic partnership with Castlelake L.P., a global alternative investment manager. The deal includes Brookfield acquiring a 51% stake in Castlelake's fee-related earnings and Brookfield Wealth Solutions committing to invest in Castlelake's strategies and funds. Castlelake, founded in 2005, specializes in asset-based private credit, including aviation and specialty finance. The firm manages approximately $24 billion in assets for over 200 institutional investors and has deployed $39 billion of capital across more than 1,300 transactions globally. Castlelake will maintain its independence, current governance, and leadership structure, with Rory O'Neill as Executive Chair and Evan Carruthers as CEO and CIO.

American Tower (NYSE: AMT) has closed the sale of its India operations to Data Infrastructure Trust (DIT), sponsored by Brookfield Asset Management. The transaction yielded total cash proceeds of approximately $2.5 billion, including $320 million from monetizing Vodafone Idea debentures and receivables, and $2.2 billion in final closing proceeds. American Tower plans to use these funds to repay existing debts, including the India term loan.

As a result of this sale, ATC India's results will now be reported as discontinued operations. The company has provided updated 2024 outlook estimates, adjusting for the transaction's impact on property revenue, Adjusted EBITDA, and AFFO per share. American Tower has also released proforma estimates for continuing operations, factoring in interest expense savings from the sale proceeds.

Brookfield Asset Management (NYSE: BAM, TSX: BAM) has announced a strategic funding partnership with Infinium, committing to invest up to $1.1 billion to accelerate the growth of Infinium's eFuels platform. The investment includes $200 million in Infinium and its Project Roadrunner in West Texas, with up to an additional $850 million for global eFuels projects deployment. Infinium's eFuels, including eSAF (sustainable aviation fuel), can reduce lifecycle greenhouse gas emissions by approximately 90% or more compared to conventional fuels.

The investment will be made through Brookfield's Global Transition Fund and marks its first direct investment in sustainable aviation fuel. Infinium recently secured a deal with American Airlines to supply commercial volumes of eSAF starting in 2026. Project Roadrunner will also produce eNaphtha for plastics manufacturing and eDiesel for long-haul trucking and maritime applications.

Scout Clean Energy, a leading national renewable energy developer-owner-operator, has appointed Kris Cheney as Chief Development Officer. Cheney brings over a decade of leadership experience in developing wind, solar, and storage projects. He joins Scout from EDP Renewables North America, where he most recently served as Executive Vice President of West, Central, and Environmental Affairs.

During his 15-year tenure at EDPR NA, Cheney helped scale the company from 200 to over 1,000 employees and oversaw the development of a 25 GW pipeline. His portfolio includes the development of 3,500 MW of projects, totaling $3.5 billion in capital investment. Cheney's appointment aims to strengthen Scout's ability to execute on its 19 GW pipeline of renewable energy assets as the company continues its significant growth trajectory.

Brookfield Asset Management (NYSE: BAM, TSX: BAM) reported strong Q2 2024 results with assets under management reaching approximately $1 trillion. The company raised $68 billion in capital during the quarter, with significant momentum in its Credit business. Fee-related earnings (FRE) grew 11% to $2.5 billion annualized, while distributable earnings (DE) increased 12% to $2.4 billion annualized.

Key highlights include:

• Fee-bearing capital reached $514 billion, up 17% year-over-year
• $61 billion raised in the Credit franchise, including $49 billion from AEL
• Deployed or committed to deploy $20 billion across various investments
• Announced acquisition of a majority stake in Neoen, a global renewable development business
• Declared a quarterly dividend of $0.38 per share

Intrepid Fiber Networks has secured $290 million in debt financing to fund its nationwide wholesale open access fiber broadband service. The company, supported by Brookfield, will use the proceeds for inaugural deployments in Colorado and Minnesota, covering over 250,000 premises. Société Générale acted as the Structuring and Coordinating Advisor for the financing.

CEO Jack Waters emphasized that this funding accelerates their growth and build plan. Intrepid aims to deliver future-proof fiber networks with symmetrical gigabit speeds, providing end users with more options in choosing their preferred Internet Service Provider. The company is also evaluating new market deployments to expand its open access network across the nation.

Brookfield Asset Management (NYSE: BAM, TSX: BAM) has scheduled the release of its second quarter 2024 financial results for August 7, 2024, before 7:00 a.m. ET. The results will be accessible on the company's website. A conference call and webcast to discuss the results will occur at 11:00 a.m. ET the same day. Participants can pre-register for the conference call to receive a dial-in number and unique PIN, or join via webcast. A replay of the event will be available for 90 days.

Brookfield Asset Management and Alterra Management have launched the Catalytic Transition Fund (CTF), targeting up to $5 billion to finance clean energy in emerging markets. The UAE-backed ALTÉRRA has committed $1 billion as the anchor investor. The fund aims to accelerate climate action and support the Paris Agreement goals, particularly in underserved regions. The CTF will invest in South and Central America, Asia, the Middle East, and Eastern Europe, aiming for a first close by the end of 2024. Brookfield, leveraging its strong track record, will manage the fund, with at least 10% capital contribution coming from Brookfield itself.