Aug 5, 2026 earnings call — Record fundraising and AI infrastructure momentum
Brookfield reported record $77 billion of fundraising for the quarter, driving fee-bearing capital to $672 billion.
Revenue $1.7B (est $1.5B) · EPS $0.44 (est $0.43)
Key quotes
"Perhaps most importantly, the quarter delivered $77 billion of fundraising."
"We have expanded our framework with Bloom Energy to finance quick-to-deploy power solutions for AI infrastructure fivefold from $5 billion to $25 billion in just 9 months,"
"Together, our credit platform has leading scale and depth of capability across asset-backed finance, real asset finance and opportunistic credit and is well positioned to perform across market cycles."
Analyst Q&A 12
Fundraising outlook for rest of year
Q (Bart Dziarski · RBC): He asked management to unpack the fundraising outlook for the back half of the year and the key drivers behind it.
A: They said year-to-date they're on a record-setting fundraising pace at almost $100 billion in the first 6 months and expect to do a lot more this year. They expect to raise very significant amounts throughout the remainder of the year, roughly balanced across flagships, complementary equity strategies, debt strategies and insurance inflows.
"Perhaps the most important thing about that guidance is we expect to raise very significant amounts of capital throughout the remainder of the year." — Connor David Teskey (CEO)
Credit market capacity and Oaktree outlook
Q (Cherilyn Radbourne · TD Cowen): She asked whether credit markets have the depth to finance the scale of AI-related infrastructure and how management sees Oaktree's opportunity set in 2027–2028.
A: They said credit markets are incredibly robust with strong appetite and record financing at attractive rates, and they believe there is enough capacity to support the infrastructure and AI build-out and expect to play a significant role. On Oaktree, the deal closed Monday but integration has been happening since last October and they see revenue upside by folding Oaktree into Brookfield's distribution, product development and multi-asset programs, with the Oaktree credit flagship expected in market in 2027.
"We see credit markets as incredibly robust right now." — Connor David Teskey (CEO)
Competition for AI infrastructure deals
Q (Kenneth Worthington · JPMorgan): He asked if AI infrastructure investing is getting crowded, what competition is like for the largest deals, and how important partnerships are to scale build-out.
A: They acknowledged more funds have launched but said demand for their AI infrastructure fund remains very strong from institutional and industrial partners. They highlighted differentiators: energy (the largest bottleneck), strong digital infrastructure capabilities including an $85 billion business with 6 data center platforms on 5 continents, and a focus on the full AI value chain where power and compute will account for 60% of capital; strategic industrial partners and OEM relationships further strengthen their position.
"Despite the competition, the demand for our AI infrastructure fund remains very strong, both from institutional investors, but also industrial partners, a host of whom we are in advanced discussions with at the moment." — Sikander Rashid
How AI drives fee growth
Q (Alexander Blostein · Goldman Sachs): He asked how the AI-related boom will flow through to fee growth and capital-markets or transaction fees over the next 12–18 months.
A: They said AI infrastructure is their largest, fastest-growing theme and that AI investments are supporting growth across many strategies — real estate, credit, infrastructure outside the AI fund, and energy — not just the dedicated AI fund. They expect these large deals to enable co-invests that drive big fund commitments and to generate incremental capital markets and transaction fees, with AI activity running meaningfully above their usual growth rates.
"And therefore, we're seeing AI infrastructure investments support growth in our real estate strategies, in our credit strategies, in our infrastructure strategies outside the AI fund and then obviously in our energy strategy." — Connor David Teskey (CEO)
S&P 500 reclassification potential
Q (Craig Siegenthaler · BofA): He asked how the Oaktree consolidation and the increased U.S. headcount/assets affect the odds of being added to the S&P 500.
A: They said the company is increasingly U.S.-focused, with significantly more assets and revenues in the U.S., and the Oaktree closing further strengthens that position and the employee mix above 60%. Given these developments, they plan to provide the S&P with an updated submission and believe the evolution of the business warrants reclassification.
"So given these developments, we plan to provide the S&P with an updated submission shortly and believe that the evolution of our business warrants that reclassification." — Hadley Marshall (CFO)
Wealth Solutions product and partnerships
Q (Michael Brown · UBS): He asked how they would characterize the private wealth product suite today, how it compares to peers, and for updates on partnerships including Fidelity Canada, SocGen and AllianceBernstein.
A: They said private wealth remains a significant growth vertical with continued net inflows and that any softness in non-traded BDCs is being offset by strong inflows into other private wealth products, especially infrastructure. They expect the business to grow at 30%+ CAGRs over time, plan to add new credit products in the near term, have a large pipeline of distribution platforms coming online over the next 2 to 3 quarters, and are excited about the AllianceBernstein partnership while expecting to announce other similar partnerships before year-end.
"And we expect to announce other partnerships like that, hopefully before the end of the year." — Connor David Teskey (CEO)
Long-term products for AI infrastructure
Q (Michael Cyprys · Morgan Stanley): He asked whether compute will become a commodity over time and what long-term investment vehicles (core, core-plus, etc.) Brookfield envisions for data centers and related infrastructure.
A: They said compute and the full AI value chain are currently constrained, with bottlenecks in memory, GPUs and power, which creates a supply/demand imbalance and allows them to sign attractive long-term take-or-pay contracts. On product structure, they will start by building and scaling a flagship, expect more AI infrastructure products over time, and noted many existing vehicles can already absorb and deploy digital infrastructure.
"But make no mistake, from here, do we think we will have more products related to AI infrastructure in the future?" — Connor David Teskey (CEO)
AllianceBernstein target-date product details
Q (Dean Wilkinson · CIBC): He asked whether the AllianceBernstein collaboration opens the door to their existing target-date solutions and what the deployment cadence might look like over 2–3 years.
A: They said a product is being created with AllianceBernstein providing credit, Brookfield providing real assets and Carlyle providing private equity, and that the product will begin distributing in 2027 and grow from there. They also said the product is designed so it can be deployed through other target date providers and they expect to enter into other similar partnerships as product developers are reaching out.
"That product will begin distributing in 2027, and it will grow from there." — Connor David Teskey (CEO)
Fundraising and fee outlook for 2027
Q (Daniel Fannon · Jefferies): He asked whether the strong 2026 fundraising and FRE growth can be sustained into 2027 and what products will be in market next year.
A: They said 2026's latter half will see very significant fundraising, and 2027 will probably not be as big as 2026 but will still be very strong with final closes of private equity and infrastructure flagships and launches of real estate and credit flagships. The fee trajectory is described as rock solid through year end and into next year, though Q4 will lap a strong prior-year quarter, and they expect earlier and larger carry generation and realizations to provide upside to earnings.
"The fee trajectory feels rock solid through the end of the year and into next." — Connor David Teskey (CEO)
Growth vs Investor Day targets
Q (Mario Saric · Scotiabank): He asked whether growth will remain above the 5-year Investor Day forecast and how much of that growth is already secured versus contingent on macro conditions.
A: They said the core growth trajectory into 2027 remains very strong and in line with their long-term targets. There are potential upsides from outperformance in public market vehicles, which would be market dependent, but if that happens they could see themselves above their long-term targets.
"As we look out to 2027, I would say the core growth trajectory of the business remains very strong, and I would say, in line with our long-term targets." — Connor David Teskey (CEO)
Risk protection if capacity oversupply happens
Q (Crispin Love · Piper Sandler): He asked how they are protected if too much digital infrastructure capacity is built, the key risks they see, and how they mitigate them.
A: They said they apply the same infrastructure discipline they have used for decades: they don't build on spec and only build against long-term revenue constructs that are already secured. They focus on the best projects in the best markets with revenue constructs backstopped by top credit counterparties so they get a return of and on capital in the initial contracted life without taking recontracting or terminal value risk.
"We only build against long-term revenue constructs that are already secured." — Connor David Teskey (CEO)
Oaktree deal impact on credit fee rates
Q (Jaeme Gloyn · NBCCM): He asked how the closed Oaktree acquisition will affect credit fee rates today and in coming quarters, and the ability to expand fee rates over time.
A: They said including Oaktree is not expected to dramatically impact fee rates and they're not changing Oaktree's front-end business other than growing it. Into Q3 there may be a modest mix issue from acquiring 25% more of the business, but the combination should drive significant earnings growth on revenue and operating leverage on the back office, which affects margins and profits rather than fee rates.
"So the inclusion of Oaktree, we wouldn't expect to dramatically impact the fee rates." — Connor David Teskey (CEO)