Brookfield Asset Management (NYSE:BAM) saw strong fundraising momentum in the first quarter, raising $21 billion in capital, driven by complementary strategies and continued growth in insurance inflows.

Subsequent to quarter-end, the firm’s flagship private equity strategy held an initial close of $6 billion, with the first close finalizing in the coming months. Brookfield said both flagship funds, the PE flagship and the sixth vintage of its infrastructure flagship, which also launched in Q1, are “well positioned to be meaningful contributors” to fundraising over the balance of the year.

Across its private equity business, Brookfield raised $1.4 billion during the quarter, including $1 billion for its private equity special situations strategy, and deployed roughly $400 million in investments.

Brookfield also agreed to acquire a leading administration and licensing services provider through its flagship private equity fund alongside partner manager Primary Wave.

Read Also: