The Financial Post reports in its Saturday edition that Brookfield Asset Management has appointed Anuj Ranjan as the new chief executive officer of its private equity business as the Canadian investment giant seeks to scale up the unit amid a challenging period for the broader buyout industry. A Bloomberg dispatch to the Post says that Mr. Ranjan will replace Cyrus Madon, who is taking on a new role as executive chairman of private equity and will continue to be actively involved in the group, which manages about $140-billion (U.S.) in assets globally. Brookfield wants to expand private equity to the same scale as its other flagship businesses. "While we are already a significant private equity investor, there is a real opportunity in front of us to meaningfully scale and be one of the largest in the world," said Mr. Ranjan, who was most recently the president of the buyout business. "In most of the businesses that we are in -- whether it is infrastructure, real estate or energy transition -- we are already among the top investors globally." "Brookfield has always grown during periods like this when liquidity is scarce and companies are focused on cash flows and profitability," Mr. Ranjan said.