Brookfield Asset Management Closes US$2.7 Billion Infrastructure Fund
20 September 2010 - 4:34PM
Marketwired
Brookfield Asset Management ("Brookfield") (TSX: BAM.A)(NYSE:
BAM)(EURONEXT: BAMA) today announced the closing of its US$2.7
billion Brookfield Americas Infrastructure Fund, L.P. (the "Fund"),
focused on investing in high quality infrastructure assets
primarily in North and South America. This leading infrastructure
fund is nearly double the original target of US$1.5 billion,
reflecting strong investor demand. Brookfield will manage the Fund
and has committed 25% of total capital commitments, or
approximately US$660 million.
The Fund will own and operate high quality, long-life assets
that generate stable cash flows, require relatively minimal
maintenance capital expenditures and, by virtue of barriers to
entry and other characteristics, tend to appreciate in value over
time. The Fund will target investments in the utilities, renewable
power, transportation and energy sectors.
"We are excited about the opportunity to manage the Fund and
invest alongside our partners at a time when high quality
infrastructure opportunities are available on an attractive
risk-adjusted basis," said Sam Pollock, Senior Managing Partner and
Chief Executive Officer of Brookfield's Infrastructure Group. "We
believe that our long history as an owner and operator of
infrastructure assets positions us well to create significant value
for Brookfield and our investors." Investors in the Fund include a
diverse group of sovereign wealth funds, and public and private
pension plans from North America, Europe, Asia and the Middle
East.
Leo van den Thillart, Head of Brookfield's Private Funds Group
said, "We are delighted to have a group of the world's leading
investors join us in the establishment of this Fund. Institutional
investors were attracted to Brookfield's track record of
successfully owning and operating infrastructure assets." Since
2001, Brookfield has established a series of private funds and
investment programs with total capital commitments of approximately
US$22 billion.
Brookfield's capital commitment to the Fund will be primarily
funded by Brookfield Infrastructure Partners LP.
About Brookfield Asset Management
Brookfield Asset Management Inc., focused on property, power and
infrastructure assets, has over US$100 billion of assets under
management and is listed on the New York and Toronto Stock
Exchanges under the symbols BAM and BAM.A, respectively, and on
NYSE Euronext under the symbol BAMA. For more information, please
visit the Company's website at www.brookfield.com.
Note: This news release contains forward-looking information
within the meaning of Canadian provincial securities laws and
"forward-looking statements" within the meaning of Section 27A of
the U.S. Securities Act of 1933, as amended, Section 21E of the
U.S. Securities Exchange Act of 1934, as amended, "safe harbour"
provisions of the United States Private Securities Litigation
Reform Act of 1995 and in any applicable Canadian securities
regulations. Conditional verbs such as "may," "will," "can,"
"would," and "should," are predictions of or indicate future
events, trends or prospects or identify forward-looking statements.
Forward-looking statements in this news release include statements
with respect to the type and quality of the investments of the Fund
and the funding of Brookfield's commitment by Brookfield
Infrastructure Partners LP, which is subject to its approvals, in
accordance with existing investment policies. Although Brookfield
Asset Management believes that its anticipated future results,
performance or achievements expressed or implied by the
forward-looking statements and information are based upon
reasonable assumptions and expectations, the reader should not
place undue reliance on forward-looking statements and information
as such statements and information involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the company to differ materially
from anticipated future results, performance or achievement
expressed or implied by such forward-looking statements and
information.
Factors that could cause actual results to differ materially
from those contemplated or implied by forward-looking statements
include: economic and financial conditions in the countries in
which we do business; the behaviour of financial markets, including
fluctuations in interest and exchange rates; availability of equity
and debt financing; strategic actions including dispositions; the
ability to complete and effectively integrate acquisitions into
existing operations and the ability to attain expected benefits;
regulatory and political factors within the countries in which the
company operates; acts of God, such as earthquakes and hurricanes;
the possible impact of international conflicts and other
developments including terrorist acts; and other risks and factors
detailed from time to time in the company's form 40-F filed with
the Securities and Exchange Commission as well as other documents
filed by the company with the securities regulators in Canada and
the United States, including the company's most recent Management's
Discussion and Analysis of Financial Results under the heading
"Business Environment and Risks."
We caution that the foregoing factors that may affect future
results is not exhaustive. When relying on our forward-looking
statements to make decisions with respect to Brookfield Asset
Management, investors and others should carefully consider the
foregoing factors and other uncertainties and potential events.
Except as required by law, the company undertakes no obligation to
publicly update or revise any forward-looking statements or
information, whether written or oral, as a result of new
information, future events or otherwise.
Contacts: Brookfield Asset Management Inc. Andrew Willis SVP,
Communications & Media (416) 369-8236 (416) 363-2856 (FAX)
andrew.willis@brookfield.com Brookfield Asset Management Inc.
Katherine Vyse SVP Investor Relations & Communications (416)
369-8246 (416) 363-2856 (FAX) kvyse@brookfield.com
www.brookfield.com
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