Brookfield Plots $50 Billion Push Into Market for Secondaries
- New hires lead hunt for secondary deals in real estate
- ‘It’s a meaningful extension for us’: CEO Bruce Flatt
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Brookfield Asset Management Inc. is embarking on an aggressive move into the secondary market for private assets, the first step in what Chief Executive Officer Bruce Flatt says could become a $50 billion business.
The secondary market allows firms like Brookfield to replace existing investors in private funds or direct investments. The Toronto-based alternative asset manager made its first such transaction with the purchase of an interest in a multifamily residential project in Los Angeles, led by a new group that’s focused on real estate secondaries.