The Globe and Mail reports in its Thursday edition that Brookfield Asset Management is bringing in record hauls of cash from investors, as its expanding artificial intelligence and insurance strategies supplement fundraising for its flagship funds.
The Globe's James Bradshaw writes Brookfield raised $77-billion across its various funds in the second quarter, it announced on Wednesday, when it released financial results up to June 30 (all figures U.S.).
A majority of that came in the form of a $40-billion mandate to invest money on behalf of British insurer Just Group, which Brookfield acquired in April in a $3.2-billion deal.
Brookfield's strategy for backing artificial intelligence infrastructure, launched last year, has raised $5-billion in the quarter. The strategy has emerged as the asset manager's "largest and fastest-growing theme," chief executive officer Connor Teskey said on Wednesday.
The global head of Brookfield's AI strategy, Sikander Rashid, said it is "reasonable" to question whether too much AI infrastructure is being built. But he said Brookfield is being selective about the projects it finances, avoiding speculative investments and insisting on deals that are "backed by hard assets and long-term contracts."
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