Brookfield Asset Management (NYSE:BAM) saw strong fundraising momentum in the first quarter, raising $21 billion in capital, driven by complementary strategies and continued growth in insurance inflows.

Subsequent to quarter-end, the firm’s flagship private equity strategy held an initial close of $6 billion, with the first close finalizing in the coming months. Brookfield said both flagship funds — the PE flagship and the sixth vintage of its infrastructure flagship, which also launched in Q1 — are “well positioned to be meaningful contributors” to fundraising over the balance of the year.

Across its private equity business, Brookfield raised $1.4 billion during the quarter — including $1 billion for its private equity special situations strategy — and deployed roughly $400 million in investments.

Brookfield also agreed to acquire a leading administration and licensing services provider through its flagship private equity fund alongside partner manager Primary Wave.

During Brookfield's first-quarter earnings call, CEO Conor Teskey said the firm continues to see "exceptional client interest" across its infrastructure business, particularly as artificial intelligence adoption accelerates.

"That is not a headwind for Brookfield, it is a very significant tailwind. AI requires enormous physical infrastructure, data centers, power generation, transmission, fiber, computing, cooling systems, and industrial capacity across the supply chain. We are already deeply invested across those areas. This is also why all of our infrastructure, energy, and AI infrastructure strategies are seeing such significant interest," the CEO said.

In credit, Brookfield raised $13 billion during the quarter, including $4.7 billion from long-term private funds and $3.8 billion from Brookfield Wealth Solutions.

The firm also monetized $3 billion of assets, including $2 billion from opportunistic credit strategies and $1 billion from strategic credit vehicles.

Teskey said Brookfield remains disciplined amid growing concerns surrounding select areas of the credit market, describing the current backdrop as "the type of environment where our platforms should be at its best."

Firmwide, Brookfield reported net income of $586 million for the quarter and $2.5 billion over the last 12 months.

Fee-related earnings (FRE) rose 11% year over year to $772 million, or $0.48 per share, in the quarter, and increased 18% to $3.1 billion, or $1.89 per share, over the trailing 12 months.

Distributable earnings (DE) totaled $702 million, or $0.43 per share, in the quarter and $2.7 billion, or $1.69 per share, over the last 12 months, up 7% and 11%, respectively.

"Against this backdrop, we continue to expect 2026 to be Brookfield's largest fundraising year ever," Teskey said. "One of the clearest ways our platform is evolving is in how we engage with our largest clients."

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