Brookfield raises $2B for PIF-backed Middle East fund

Brookfield Asset Management has cemented its rise as one of the largest foreign investors in the Gulf after successfully raising about $2 billion for its Saudi Arabia-backed Middle East fund.

The New York-based investment firm will commit $500 million to the private equity fund, which is backed by a group of strategic investors, including the kingdom’s Public Investment Fund.

The Brookfield Middle East Partners fund’s first close will help it capitalize on growing opportunities in the region, as sovereign wealth funds continue to aggressively chase deals despite the ongoing Iran conflict.

The fund will allocate 50% of its investments to Saudi Arabia, highlighting the PIF’s evolving approach to channeling international capital into the domestic economy, on top of the tens of billions it has invested with asset managers abroad.

“We see a compelling opportunity to partner with businesses across the region and position them for long-term growth,” Brookfield CEO Bruce Flatt said.