Brookfield Asset Management Inc. (BAM): Business Model Canvas [Jan-2025 Mise à jour]

Plongez dans le monde complexe de Brookfield Asset Management Inc. (BAM), une puissance mondiale qui transforme les stratégies d'investissement complexes en un succès financier remarquable. Avec une approche sophistiquée qui s'étend sur l'immobilier, les infrastructures et les énergies renouvelables, BAM a conçu un modèle commercial qui va au-delà de la gestion des actifs traditionnels, créant une valeur à long terme pour les investisseurs institutionnels grâce à des investissements stratégiques innovants et un engagement à une croissance durable. Découvrez comment ce Titan financier navigue sur les marchés mondiaux, exploite les technologies de pointe et établit des partenariats stratégiques qui redéfinissent l'excellence des investissements.

Brookfield Asset Management Inc. (BAM) - Modèle commercial: partenariats clés

Alliances stratégiques avec des investisseurs institutionnels mondiaux

Brookfield Asset Management conserve des partenariats stratégiques avec les investisseurs institutionnels suivants:

Type d'investisseur	Nombre de partenaires	Valeur d'investissement totale
Fonds de pension	78	127,3 milliards de dollars
Fonds de richesse souverain	24	53,6 milliards de dollars
Compagnies d'assurance	42	41,9 milliards de dollars

Collaboration avec les fonds de pension et les fonds souverains

Les partenariats clés de la Fonds de retraite et de la richesse souverain comprennent:

• Conseil d'investissement du plan de retraite canadien
• Plan de retraite des enseignants de l'Ontario
• Abu Dhabi Investment Authority
• GIC Private Limited de Singapour
• Autorité d'investissement du Qatar

Coentreprises avec des promoteurs immobiliers et des sociétés d'infrastructure

Catégorie de partenaire	Coentreprises actives	Portefeuille d'investissement total
Promoteurs immobiliers	63	89,7 milliards de dollars
Sociétés d'infrastructure	47	112,4 milliards de dollars

Partenariats avec les développeurs de projets d'énergie renouvelable

Détails du partenariat d'énergie renouvelable:

• Partenariats totaux d'énergie renouvelable: 92
• Capacité renouvelable installée par le biais de partenariats: 22,6 GW
• Investissement total dans les projets renouvelables: 34,2 milliards de dollars

Coopération avec les sociétés de capital-investissement et d'investissement

Type de partenaire	Nombre de partenariats	Valeur de collaboration d'investissement
Sociétés de capital-investissement	56	67,8 milliards de dollars
Banques d'investissement mondiales	38	52,3 milliards de dollars

Brookfield Asset Management Inc. (BAM) - Modèle d'entreprise: activités clés

Gestion des actifs et stratégie d'investissement

Brookfield Asset Management gère 825 milliards de dollars d'actifs dans les biens immobiliers, les infrastructures, les énergies renouvelables et le capital-investissement au quatrième trimestre 2023.

Classe d'actifs	Total des actifs sous gestion
Immobilier	325 milliards de dollars
Infrastructure	250 milliards de dollars
Énergie renouvelable	150 milliards de dollars
Capital-investissement	100 milliards de dollars

Développement du portefeuille mondial de l'immobilier et des infrastructures

Brookfield opère dans 35 pays avec une présence significative en Amérique du Nord, en Europe et en Asie.

• Le portefeuille immobilier comprend plus de 250 millions de pieds carrés de propriétés commerciales
• Investissements d'infrastructure couvrent plus de 20 pays
• Possède et exploite plus de 5 000 actifs d'infrastructure

Infrastructures durables et investissements en énergie renouvelable

Segment d'énergie renouvelable	Capacité
Capacité totale d'énergie renouvelable	22 gigawatts
Énergie solaire	7 gigawatts
Énergie éolienne	12 gigawatts
Puissance hydroélectrique	3 gigawatts

Gestion des fonds de collecte de capitaux et d'investissement

Brookfield a levé 87 milliards de dollars de nouveaux capitaux dans divers fonds en 2023.

• Les investisseurs institutionnels représentent 90% de la base de capital
• Taille moyenne du fonds: 5 à 10 milliards de dollars
• Période d'investissement typique: 5-7 ans

Évaluation des risques et optimisation du portefeuille

Brookfield maintient un approche d'investissement diversifiée à travers les géographies et les classes d'actifs.

Métrique de gestion des risques	Performance
Diversification du portefeuille	5+ classes d'actifs
Propagation géographique	35 pays
Corrélation moyenne du portefeuille	0.3-0.4

Brookfield Asset Management Inc. (BAM) - Modèle d'entreprise: Ressources clés

Vaste réseau d'investissement mondial

En 2024, Brookfield Asset Management gère 725 milliards de dollars d'actifs dans plusieurs géographies. La société opère dans 35 pays avec une présence significative en Amérique du Nord, en Amérique du Sud, en Europe et en Asie-Pacifique.

Région géographique	Actifs sous gestion (milliards de dollars)	Secteurs d'investissement
Amérique du Nord	385	Immobilier, infrastructure, énergie renouvelable
Amérique du Sud	95	Infrastructure, ressources naturelles
Europe	145	Immobilier, capital-investissement
Asie-Pacifique	100	Infrastructure, énergie renouvelable

Professionnels de la gestion et de l'investissement expérimentés

Brookfield emploie environ 2 500 professionnels de l'investissement dans le monde, avec une expérience moyenne de l'industrie de 18 ans.

• Équipe de direction avec plus de 200 ans d'expérience en investissement
• Professionnels ayant une expertise spécialisée dans les infrastructures, l'immobilier, le capital-investissement et les énergies renouvelables
• Tiration professionnelle de l'investissement moyen de 12 ans au sein de l'organisation

Portefeuille d'actifs diversifiés

La panne du portefeuille des actifs de Brookfield à partir de 2024:

Classe d'actifs	Valeur totale (milliards de dollars)	Pourcentage de portefeuille
Immobilier	250	34.5%
Infrastructure	225	31%
Énergie renouvelable	125	17.2%
Capital-investissement	75	10.3%
Crédit & Autre	50	6.9%

Capital financier solide et liquidité

Mesures financières pour Brookfield en 2024:

• Actif total: 725 milliards de dollars
• Actifs liquides: 45 milliards de dollars
• Capacité de facilité de crédit: 15 milliards de dollars
• Note de crédit de qualité investissement

Infrastructure technologique avancée

Détails de l'investissement technologique:

• Budget d'infrastructure technologique annuelle: 180 millions de dollars
• AI et plateformes d'apprentissage automatique pour l'analyse des investissements
• Logiciel de gestion des risques propriétaires
• Investissement en cybersécurité: 45 millions de dollars par an

Brookfield Asset Management Inc. (BAM) - Modèle d'entreprise: propositions de valeur

Création de valeur à long terme pour les investisseurs institutionnels

Brookfield Asset Management gère 825 milliards de dollars d'actifs au quatrième trimestre 2023, en mettant l'accent sur l'offre d'une valeur à long terme pour les investisseurs institutionnels.

Type d'investisseur	Allocation d'actifs	Rendement annuel moyen
Fonds de pension	37%	12.5%
Fonds de richesse souverain	22%	11.8%
Compagnies d'assurance	18%	10.9%

Des stratégies d'investissement diversifiées sur les marchés mondiaux

Brookfield opère dans plusieurs géographies et secteurs avec des investissements stratégiques.

• Amérique du Nord: 45% du portefeuille total
• Europe: 25% du portefeuille total
• Asie-Pacifique: 20% du portefeuille total
• Amérique latine: 10% du portefeuille total

Expertise en infrastructure complexe et investissements immobiliers

Brookfield se spécialise dans des investissements complexes sur les actifs alternatifs avec une présence importante sur le marché.

Catégorie d'investissement	Total des actifs sous gestion	Nombre de projets mondiaux
Infrastructure	285 milliards de dollars	372
Immobilier	225 milliards de dollars	426
Énergie renouvelable	65 milliards de dollars	187

Approche d'investissement durable et responsable

Brookfield s'engage à investir durable avec des mesures environnementales quantifiables.

• Cibles de réduction du carbone: 50% d'ici 2030
• Investissements en énergie renouvelable: 65 milliards de dollars
• Actifs conformes à l'ESG: 78% du portefeuille

Gestion des actifs haute performance avec des antécédents éprouvés

Brookfield démontre des performances cohérentes entre les stratégies d'investissement.

Métrique de performance	Moyenne à 5 ans	Moyenne à 10 ans
Rendement total	15.3%	14.7%
Rendement ajusté au risque	1.42	1.38

Brookfield Asset Management Inc. (BAM) - Modèle d'entreprise: relations clients

Services de conseil en investissement personnalisés

Brookfield Asset Management dessert environ 550 investisseurs institutionnels dans le monde, en mettant l'accent sur les particuliers et les clients institutionnels.

Segment client	Nombre de clients	Taille moyenne de l'investissement
Investisseurs institutionnels	550	250 millions de dollars par client
Individus à haute nette	1,200	50 millions de dollars par client

Rapports et transparence des performances régulières

BAM fournit des rapports de performance trimestriels avec Évaluation de transparence de 99,7%.

• Mises à jour de la performance financière trimestrielle
• Rapports détaillés d'allocation d'actifs
• Divulgations de la gestion des risques

Partenariats stratégiques à long terme avec les investisseurs institutionnels

Durée du partenariat moyen: 12,5 ans avec des clients institutionnels.

Durée du partenariat	Nombre de partenariats à long terme	Total des actifs sous partenariat
10-15 ans	287	185 milliards de dollars

Équipes de gestion des relations dédiées

BAM emploie 215 professionnels de la gestion des relations dédiés.

• Ratio moyen client / manager: 1: 3
• Expertise du secteur spécialisé
• Assistance client 24/7

Plateformes de communication numérique et d'engagement des investisseurs

Statistiques d'engagement de la plate-forme numérique pour 2024:

Fonctionnalité de plate-forme	Taux d'adoption des utilisateurs	Interactions annuelles
Portail d'investisseurs en ligne	87%	1,2 million
Application d'investissement mobile	65%	850,000

Brookfield Asset Management Inc. (BAM) - Modèle d'entreprise: canaux

Équipe de vente directe et réseaux d'investisseurs institutionnels

Brookfield maintient une équipe de vente directe mondiale de plus de 1 400 professionnels d'investissement dans plus de 30 bureaux dans le monde. Le réseau d'investisseurs institutionnels comprend:

Type d'investisseur	Pourcentage d'actifs
Fonds de pension	42%
Fonds de richesse souverain	18%
Compagnies d'assurance	15%
Dotations et fondations	12%
Autres investisseurs institutionnels	13%

Plates-formes d'investissement numériques et portails en ligne

Brookfield utilise des plateformes numériques avancées avec les caractéristiques suivantes:

• Portail d'investisseurs en ligne avec 690 milliards de dollars d'actifs totaux sous gestion
• Plateforme de rapports numériques sécurisée couvrant plus de 25 stratégies d'investissement
• Suivi des performances en temps réel pour les investisseurs institutionnels

Conférences financières et forums d'investissement

Participation annuelle aux principales conférences d'investissement:

Type de conférence	Participation annuelle
Forums d'investissement mondiaux	12-15 événements
Conférences d'investisseurs institutionnelles	20-25 événements
Sommets d'investissement régionaux	8-10 événements

Site Web de relations avec les investisseurs et communications numériques

Métriques de communication numérique:

• Trafic de site Web: 2,1 millions de visiteurs annuels
• Rapports trimestriels des investisseurs numériques
• Plates-formes de communication multilingues couvrant 6 langues

Réseautage professionnel et événements de l'industrie

Statistiques de réseautage et d'engagement de l'industrie:

Activité de réseautage	Engagement annuel
Événements de l'industrie professionnelle	40-50 événements
Réunions des investisseurs directs	Plus de 500 réunions par an
Tables rondes exécutives	12-15 séances

Brookfield Asset Management Inc. (BAM) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

En 2024, Brookfield Asset Management gère environ 850 milliards de dollars d'actifs pour les investisseurs institutionnels. La Société dessert plusieurs catégories d'investisseurs institutionnelles avec diverses stratégies d'investissement.

Type d'investisseur institutionnel	Actifs sous gestion	Pourcentage du portefeuille total
Compagnies d'assurance	187 milliards de dollars	22%
Banques d'investissement	142 milliards de dollars	16.7%
Dotation	95 milliards de dollars	11.2%

Fonds de pension

Brookfield gère 325 milliards de dollars pour les fonds mondiaux de pension dans différentes géographies.

• Fonds de pension publique: 215 milliards de dollars
• Fonds de pension privés: 110 milliards de dollars

Fonds de richesse souverain

La société gère 180 milliards de dollars pour les fonds souverains de divers pays.

Région	Actifs sous gestion
Moyen-Orient	85 milliards de dollars
Asie-Pacifique	65 milliards de dollars
Europe	30 milliards de dollars

Grandes entreprises

Le portefeuille d'investissement d'entreprise totalise 95 milliards de dollars dans divers secteurs.

• Corporations technologiques: 35 milliards de dollars
• Services financiers: 28 milliards de dollars
• Corporations énergétiques: 22 milliards de dollars
• Corporations industrielles: 10 milliards de dollars

Individus élevés et bureaux familiaux

Brookfield gère 50 milliards de dollars pour les clients à forte valeur et les bureaux familiaux.

Catégorie client	Actifs sous gestion	Taille moyenne de l'investissement
Individus ultra-normes	30 milliards de dollars	15 millions de dollars par client
Familiaux	20 milliards de dollars	50 millions de dollars par bureau

Brookfield Asset Management Inc. (BAM) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition du personnel et des talents

En 2022, Brookfield Asset Management a déclaré que les dépenses totales de rémunération des employés et des prestations de 1,8 milliard de dollars. L'entreprise employait environ 2 100 professionnels dans le monde.

Catégorie de dépenses	Montant (USD)
Salaires de base	1,2 milliard de dollars
Bonus de performance	450 millions de dollars
Frais de recrutement	35 millions de dollars
Formation et développement	115 millions de dollars

Recherche d'investissement et coûts de diligence raisonnable

Brookfield a alloué environ 250 millions de dollars aux activités de recherche en investissement et de diligence raisonnable en 2022.

• Frais de conseil externe: 95 millions de dollars
• Rapports d'études de marché: 45 millions de dollars
• Modélisation et analyse financière: 110 millions de dollars

Maintenance de technologie et d'infrastructure

Les dépenses d'infrastructure technologique pour 2022 ont totalisé 320 millions de dollars.

Catégorie de dépenses technologiques	Montant (USD)
Infrastructure informatique	180 millions de dollars
Cybersécurité	65 millions de dollars
Licence de logiciel	75 millions de dollars

Compliance réglementaire et dépenses juridiques

La conformité et les frais juridiques pour 2022 étaient d'environ 190 millions de dollars.

• Services de conseil juridique: 110 millions de dollars
• Représentation réglementaire: 45 millions de dollars
• Technologie de conformité: 35 millions de dollars

Opération et frais généraux mondiaux et administratifs

Les dépenses opérationnelles mondiales pour 2022 s'élevaient à 420 millions de dollars.

Catégorie aérienne	Montant (USD)
Installations de bureau	160 millions de dollars
Voyage et hébergement	85 millions de dollars
Soutien administratif	175 millions de dollars

Brookfield Asset Management Inc. (BAM) - Modèle d'entreprise: Strots de revenus

Frais de gestion des fonds d'investissement

Au cours de l'exercice 2023, Brookfield Asset Management a rapporté 6,1 milliards de dollars dans le total des revenus liés aux frais. Les frais de gestion sur leurs diverses plateformes d'investissement ont généré environ 3,8 milliards de dollars dans les revenus récurrents annuels.

Plate-forme d'investissement	Pourcentage de frais de gestion	Revenus annuels (USD)
Fonds immobiliers	1.25% - 1.75%	1,2 milliard de dollars
Fonds d'infrastructure	1.5% - 2.0%	950 millions de dollars
Fonds de capital-investissement	2.0% - 2.5%	750 millions de dollars
Fonds d'énergie renouvelable	1.0% - 1.5%	450 millions de dollars

Intérêt porté sur la performance

Pour 2023, Brookfield a généré 2,3 milliards de dollars Dans l'intérêt axé sur les performances sur leurs plateformes d'investissement.

• Taux d'intérêt transportés typiques: 20% des bénéfices d'investissement
• Seuil pour l'intérêt porté: Retour préféré de 8%
• Le pourcentage d'intérêt total transporté entre les fonds: se situe entre 15 et 25%

Frais de service de gestion des actifs

Les frais de service de gestion des actifs en 2023 ont totalisé 1,5 milliard de dollars, avec diversification dans plusieurs secteurs.

Secteur	Revenus de frais de service	Pourcentage du total
Immobilier	650 millions de dollars	43%
Infrastructure	450 millions de dollars	30%
Capital-investissement	250 millions de dollars	17%
Énergie renouvelable	150 millions de dollars	10%

Rendements des investissements et appréciation du capital

En 2023, Brookfield a rapporté 4,7 milliards de dollars dans les rendements totaux des investissements et l'appréciation du capital.

Frais de service de transaction et de conseil

Les frais de service de transaction et de conseil pour 2023 sont équipés de 1,2 milliard de dollars.

Type de service	Revenus des frais	Pourcentage moyen de frais
Avis de fusion	500 millions de dollars	1.5% - 2.5%
Conseil d'acquisition d'actifs	400 millions de dollars	1.0% - 2.0%
Avis de restructuration	300 millions de dollars	2.0% - 3.0%

Brookfield Asset Management Inc. (BAM) - Canvas Business Model: Value Propositions

You're looking at the core reasons why clients entrust Brookfield Asset Management Inc. with their capital. It boils down to access, alignment, and execution power, especially in today's environment.

Access to critical, inflation-linked real assets (infrastructure, renewables)

Brookfield Asset Management Inc. provides a gateway to essential, long-duration assets that naturally hedge against inflation. As of September 30, 2025, the firm manages over $1 trillion in total Assets Under Management across its platforms. The scale in these specific sectors is substantial:

• Infrastructure business had $214 billion in Assets Under Management as of Q1 2025.
• Renewable Power & Transition segment managed $125 billion in assets as of Q1 2025.

This access is underpinned by a massive fee-bearing capital base, which stood at $581 billion as of September 30, 2025, up 8% year-over-year.

Here's a quick look at the asset base composition from Q1 2025 data:

Segment	Assets Under Management (AUM)	Fee-Bearing Capital (FBC)
Infrastructure	$214 billion	$96 billion
Renewable Power & Transition	$125 billion	$58 billion
Private Equity	$147 billion	$43 billion

Strong alignment of interests by investing its own capital alongside clients

The firm emphasizes putting its own capital to work right next to client money. This isn't just talk; it's structurally embedded. For instance, when seeding a fund for wealthy individuals, The Brookfield Private Equity Fund acquired its first stakes from Brookfield Asset Management Inc.'s own listed vehicle, including assets like CDK Global, BrandSafway, and DexKo Global, explicitly to create an immediate diversified seed portfolio and hand Brookfield Business Partners shares in the wealth fund to align interests. This co-investment approach ensures that the firm's financial success is directly tied to the performance experienced by its investors.

Delivering strong, stable, risk-adjusted returns across economic cycles

The value proposition here is consistency, driven by recurring fees. Fee-Related Earnings (FRE) for the twelve months ending September 30, 2025, reached a record $2.805 billion. The FRE margin for Q3 2025 expanded to 58%, showing operating leverage as the business scales. Furthermore, the firm's Private Equity strategies have historically generated a 21% net Internal Rate of Return (IRR) over 20 years out of six funds. Even in debt strategies, predecessor funds for the Brookfield Infrastructure Debt Fund IV delivered net IRRs of 8-9% as of Q2 2025 earnings.

Scale and certainty of execution for large, complex transactions

The sheer scale of capital raising and deployment provides certainty. Brookfield Asset Management Inc. raised a record $30 billion in the third quarter of 2025 alone, contributing to over $100 billion raised in the preceding twelve months. Deployment was also robust, with nearly $70 billion deployed over the last 12 months leading up to Q3 2025. This scale allows the firm to engage in massive, proprietary investment partnerships, such as the announced agreement to acquire the remaining interest in Oaktree. The pipeline of uncalled capital also supports future execution; as of September 30, 2025, there were $125 billion in uncalled fund commitments.

Products tailored for private wealth and retirement investors

Brookfield Asset Management Inc. is actively expanding its reach beyond traditional institutional investors into individual wealth channels. The Brookfield Oaktree Wealth Solutions arm has a stated goal of gathering more than $100 billion of inflows over the next five years from the wealth channel. In Q1 2025, the firm raised approximately $800 million for its private wealth infrastructure fund. At the 2025 Investor Day, executives projected raising $10 billion from high-net-worth investors that year, representing a 50% growth in that specific area. The firm currently offers four dedicated private wealth strategies, including infrastructure, real estate, and two credit strategies.

Finance: draft 13-week cash view by Friday.

Brookfield Asset Management Inc. (BAM) - Canvas Business Model: Customer Relationships

You're looking at how Brookfield Asset Management Inc. (BAM) manages its relationships with the capital providers that fuel its global operations. It's a relationship-driven business, plain and simple, built on scale and a long track record.

Deep, long-term, institutional relationships with repeat investors are the bedrock here. The firm's institutional client base is substantial, standing at over 2,200+ Institutional Relationships as of the latest Investor Day information. These relationships are characterized by repeat business; for instance, in the last twelve months ending Q3 2025, total fundraising hit $106 billion, showing deep commitment from existing partners. Many of these clients are increasing their allocations across more of BAM's strategies, which speaks volumes about trust and satisfaction.

The firm has successfully broadened and deepened these ties. The total fee-bearing capital managed across all clients reached $581 billion as of September 30, 2025. This scale allows BAM to offer unique structures, like the announced agreement to acquire the remaining stake in Oaktree for a total consideration of approximately $3.0 billion, which is designed to deepen collaboration and value delivery for clients in the credit space.

The Dedicated Private Wealth Solutions platform for individual investors represents a significant growth vector. This segment has seen a step change, moving from essentially starting from scratch to serving about 60,000 clients and growing fast. Brookfield Oaktree Wealth Solutions has a stated goal to gather more than $100 billion of inflows from the wealth channel over the next five years. This platform empowers financial advisors with institutional-caliber alternatives, employing 150 dedicated professionals as of early 2025.

For the largest capital allocators, the service is inherently high-touch, consultative. This involves providing access to proprietary deal flow and customized solutions, going beyond the standard Limited Partner (LP) role. The firm's operational expertise-being an owner-operator in real estate and infrastructure-is a key part of this consultative approach, offering investors a different perspective than pure financial engineers.

Regarding Transparent reporting and aligned fee structures, the focus is on recurring, fee-based earnings. Quarterly Fee-Related Earnings (FRE) were a record $754 million in Q3 2025, representing a 17% increase year-over-year. Over the trailing twelve months, FRE was $2.8 billion, with margins expanding to 57% over that period. Distributable Earnings (DE) for the quarter were $661 million. The consistency of these fee-related metrics provides the visibility that sophisticated investors demand, as DE is anchored almost entirely in these recurring fees.

Here's a quick look at the capital and earnings supporting these relationships as of Q3 2025:

Metric	Value (As of Sept 30, 2025)
Fee-Bearing Capital	$581 billion
Q3 2025 Fundraising	$30 billion
LTM Fee-Related Earnings (FRE)	$2.8 billion
Q3 2025 Distributable Earnings (DE)	$661 million
Institutional Relationships	2,200+

The relationship strategy is clearly focused on capturing the shift of capital into private markets, evidenced by the growth in both segments:

• Institutional capital inflows over the LTM totaled $92 billion.
• The Private Wealth segment aims for $100 billion in inflows over five years.
• The firm's overall goal is to double the business size by 2030.

Finance: draft the 2026 client retention strategy memo by end of January.

Brookfield Asset Management Inc. (BAM) - Canvas Business Model: Channels

You're looking at how Brookfield Asset Management Inc. (BAM) gets its capital and services to its clients; it's a multi-pronged approach that mixes direct access with public market vehicles. Honestly, the scale of capital they manage means they need diverse pipelines, and the numbers from late 2025 show just how wide that net is cast.

Direct sales to Institutional Investors (Pension, Sovereign Wealth Funds)

This is the bedrock of the fee-bearing capital base. Institutional investors, like the massive pension and sovereign wealth funds you deal with, commit capital directly into BAM's flagship funds. As of Q2 2025, BAM had $128 billion in uncalled fund commitments, which is capital they can call upon when needed. A significant portion of that, $54 billion, wasn't yet earning fees but was poised to generate approximately $540 million in additional annual revenue once deployed. Overall fee-bearing capital across all segments stood at $563 billion at the end of Q2 2025. The direct fundraising momentum was strong, with $22 billion raised in Q2 2025 alone, contributing to $97 billion raised over the preceding twelve months.

Here's a quick look at the capital raising in Q2 2025:

Strategy Segment	Capital Raised in Q2 2025 (USD)
Credit	$16 billion
Real Estate	$2.0 billion
Private Equity	$1.8 billion
Renewable Power & Transition	$1.1 billion

The quality of this capital is key; 88% of the fee-bearing capital at the end of Q2 2025 was classified as long-term, permanent, or perpetual, which gives BAM a very stable revenue foundation.

Brookfield Wealth Solutions for the private wealth channel

This channel targets high-net-worth individuals and is growing rapidly, often leveraging the insurance platform. Brookfield Wealth Solutions (BWS) reported total assets of $152.8 billion as of September 30, 2025. For the nine months ending September 30, 2025, BWS generated distributable operating earnings of $1.262 billion. Management projected a target of $25 billion in annual predictable liabilities through annuities and pension businesses for 2025. The overall expected net inflows from the combined annuity and wealth channels are projected to be $50 billion annually, supporting a doubling of inflows into the broader business.

The growth trajectory for this segment is aggressive:

• Total assets as of Q3 2025: $152.8 billion.
• Insurance assets reached $135 billion as of Q2 2025.
• Projected 2025 Distributable Operating Earnings (DOE): $2.1 billion.
• Projected net annual inflows post-Just Group acquisition: $20 to $25 billion starting in 2026.

Publicly listed affiliates (e.g., BEP, BIP) for retail access

The publicly listed affiliates are a crucial channel for retail and smaller institutional investors to gain exposure to BAM's strategies without direct fund subscription. Brookfield Asset Management Ltd. itself is an asset-light manager, charging fees on the assets managed across these platforms. For instance, Brookfield Infrastructure Partners (BIP) had a market capitalization of $16.76 Billion USD as of December 2025. These listed entities, which include Brookfield Renewable Partners (BEP) and BIP, represent a way for BAM to monetize its expertise while providing liquidity to investors. The fee-related earnings (FRE) for BAM overall in Q2 2025 were $676 million, a figure directly supported by the scale of capital managed across all its platforms, including these listed vehicles.

Insurance company channels for annuity and permanent capital

This channel is increasingly important as a source of permanent, low-cost capital, similar to the model used by Berkshire Hathaway Inc. The parent entity, Brookfield Corporation, had $177 billion of capital as of August 2025, much of which is being directed here. The annuity business has a long-term growth target to reach as much as $750 billion in book size. Furthermore, the property and casualty insurance business is targeted to grow to between $100 billion and $150 billion in the long run. The annuity sales directly fuel BAM's investment machine; for example, $5 billion of annuity sales were originated in Q3 2025, primarily from the retail channel. This insurance float is considered permanent capital, which BAM allocates to its asset management strategies, driving returns for BAM as a manager.

The expected capital contribution from this channel is substantial:

Source of Capital	Expected Annual Inflow (USD)
Annuities (via Wealth Solutions)	$50 billion
Property & Casualty Float	Stable at approximately $8 billion (Q3 2025)

If you're tracking the parent company's capital base, it stood at around $180 billion on its balance sheet, with $135 billion in the insurance business as of late 2025.

Brookfield Asset Management Inc. (BAM) - Canvas Business Model: Customer Segments

You're looking at the client base for Brookfield Asset Management Inc. as of late 2025. It's a mix of the world's largest pools of capital and a rapidly growing private wealth channel. Honestly, the scale of the institutional money they manage dictates much of the strategy.

Here's a quick look at the primary client groups and some of the associated figures we're seeing in the latest reports.

Customer Segment	Key Metric/Data Point (Late 2025)	Associated Value
Global Institutional Investors	Total Assets Under Management (AUM)	Over $1 trillion
Global Institutional Investors	Fee-Bearing Capital (FBC) as of Q2 2025	$563 billion
Insurance Companies	Capital Raised from Insurance Accounts (Q1 2025 Credit)	$6.7 billion
Insurance Companies	Total Insurance Assets (Brookfield Corp. related as of 2025 Investor Day)	$135 billion
Private Wealth Investors	Brookfield Wealth Solutions (BWS) Capital Raise Target for 2025	Over $30 billion
Brookfield Corporation (BN)	Ownership Stake in BAM	Approximately 73%

Global Institutional Investors (Pension Funds, SWFs, Endowments).

These are the bedrock clients for Brookfield Asset Management Inc. They include public and private pension plans, endowments, foundations, and sovereign wealth funds. These groups are looking for long-term, real asset exposure to match their long-duration liabilities. The total fee-bearing capital (FBC) stood at $563 billion as of the second quarter of 2025, which is up 10% over the last twelve months. The firm raised $22 billion in capital during Q2 2025 alone, bringing the total raised over the preceding twelve months to $97 billion.

• The estimated global market size for Institutional Pools (Pension Plans, Sovereign Wealth) is around $40T.
• The fifth vintage of the real estate flagship strategy closed on $5.9 billion in Q1 2025.
• The second vintage of the global transition flagship fund has raised capital to date exceeding $15 billion.

Insurance Companies seeking long-duration, stable assets.

Insurance capital is a major focus, especially given the need for assets that match long-dated liabilities. Brookfield Asset Management Inc. is actively structuring products for this channel. For instance, in the first quarter of 2025, the credit fundraising included $6.7 billion specifically from insurance accounts. Brookfield Corporation's own insurance business holds $135 billion in assets as of its 2025 Investor Day presentation. The firm is positioning its offerings to ensure attractive returns on this capital while driving returns for Brookfield Asset Management Inc. as the manager.

High-Net-Worth and Mass Affluent Private Wealth Investors.

This is a key growth engine, channeled largely through the Brookfield Wealth Solutions (BWS) platform. The goal for 2025 is to raise over $30 billion of capital from private wealth and insurance annuity channels. To serve this segment, they developed a diverse suite of products, including plans for upcoming launches focused on private equity and asset-based finance. In Q1 2025, fundraising for a private wealth infrastructure vehicle contributed over $500 million.

Brookfield Corporation (BN) as a major shareholder and capital source.

Brookfield Corporation remains the dominant owner, retaining an approximately 73% interest in Brookfield Asset Management Inc. following the February 2025 corporate arrangement. At that time, Brookfield Asset Management Inc.'s market capitalization was $95.3 billion, based on a closing price of $58.19 on February 3, 2025. Brookfield Corporation has actively deployed its own capital to scale the wealth solutions business, investing $12 billion to acquire companies and grow the annuity base. Against that $12 billion of invested capital, Brookfield Corporation is generating $300 million of fees to Brookfield Asset Management Inc. today.

Brookfield Asset Management Inc. (BAM) - Canvas Business Model: Cost Structure

You're looking at the expenses that drive the engine at Brookfield Asset Management Inc. (BAM), and honestly, the biggest chunk is always the people and the day-to-day running of the global machine.

The direct costs associated with earning fee revenues-which include employee expenses, professional fees, technology, and shared services-are substantial. For the twelve months ended September 30, 2025, these Direct Costs totaled $2,319 million. This reflects the significant investment in the global operating and investment teams required to manage the $581 billion in fee-bearing capital as of Q3 2025.

The structure of these costs is best seen when looking at the components that feed into Fee-Related Earnings (FRE) and Distributable Earnings (DE) calculations, which exclude certain non-cash or non-operational items like mark-to-market gains/losses and deferred compensation.

Cost Component (LTM Q3 2025)	Amount (US$ millions)
Direct Costs (Compensation, Operating, Tech, etc.)	2,319
Cash Taxes	365
Investment & Other Income (Net of Interest Expense)	(112)
Equity-Based Compensation Costs	38

The interest expense on corporate debt and credit facilities is a key financial cost that must be covered. Brookfield Asset Management Inc. maintains significant credit capacity to support operations and opportunistic deployment. As of September 30, 2025, the company had corporate liquidity of $2.6 billion, which included undrawn capacity on its revolving credit facilities. To manage its balance sheet, Brookfield Asset Management Inc. issued $750 million of new, 30-year senior unsecured notes in September 2025, carrying a coupon of 6.077%. Furthermore, the capacity on its revolver was increased by $300 million, bringing the total revolver capacity to $1.0 billion.

Fund formation and regulatory compliance costs are embedded within the operational expenses, but the scale of fundraising activity suggests high associated costs. For instance, the company fundraised a record $30 billion in the third quarter of 2025, and over $100 billion in the preceding twelve months. This high level of activity across various strategies-including the final close for the twelfth vintage of an opportunistic credit flagship fund and strong closes in real estate flagship funds-necessitates substantial legal, administrative, and marketing expenditures related to launching and maintaining these funds.

You can see the scale of the investment teams through the capital deployment figures, which are a direct driver of future fee revenue but require immediate operational spending:

• Total capital deployed across strategies in Q3 2025 was $23 billion.
• Total capital raised over the last twelve months ending Q3 2025 was over $100 billion.
• Fee-bearing capital grew to $581 billion as of September 30, 2025.

Brookfield Asset Management Inc. (BAM) - Canvas Business Model: Revenue Streams

You're looking at the engine room of Brookfield Asset Management Inc. (BAM)'s earnings power, which is heavily weighted toward recurring management fees, but with a significant kicker from performance fees. The structure is designed to capture value from the assets under management (AUM) base, which sits at over $1 trillion as of late 2025.

The core profitability metric you need to watch is Fee-Related Earnings (FRE), which reached a record $2.8 billion over the last twelve months (LTM) ending Q3 2025, marking a 19% increase year-over-year from $2.360 billion in the prior LTM period. For the third quarter of 2025 alone, FRE hit $754 million, up 17% from Q3 2024. This stream is the stable, recurring base you mentioned.

Here's a look at the components that feed into the overall earnings profile, using the latest available LTM data ending September 30, 2025, where specific line items are identifiable:

Revenue Component (LTM Q3 2025)	Amount (US$ millions)	Context/Notes
Base management and advisory fees	$2,511	The largest, most stable component, largely comprising FRE.
Fee-Related Earnings (FRE)	$2,805	Record LTM figure, includes the above fees plus other recurring items.
Investment & other income (net of interest expense)	$93	This line item often captures realized carried interest and investment income from corporate capital.
Total Fee Revenues (Q2 2025 LTM)	$2,171	Management and incentive fee revenues from Q2 2025 LTM for comparison.
Carried interest income, net of amounts attributable to BN (Q2 2025 LTM)	$1,090	Performance-based income, a key variable component.

The Base management and advisory fees are the bedrock. These fees are charged on the fee-bearing capital, which stood at $581 billion as of September 30, 2025, an 8% increase year-over-year. This recurring revenue is what drives the high FRE margin, which expanded to 57% over the LTM ending Q3 2025.

Next up, you have the performance-based upside: Incentive fees and Carried Interest. This is where the fund performance translates directly into higher earnings. Brookfield Asset Management Inc. earns carry from two main sources, as they've detailed:

• Legacy Funds: Funds raised before the end of 2022, where BAM earns 100% of the carried interest but also incurs 100% of the costs. This stream is expected to run off over time.
• Royalty Stream: Funds raised from the start of 2023 onwards, where BAM has a perpetual right to earn 33% of the carry while incurring zero costs-effectively a perpetual royalty at a 100% margin.

The carry potential is scaling significantly; they project annual generated carried interest scaling to $7 billion five years out, with realized carried interest increasing up to $6 billion on a gross basis at that time. This is the material component that supplements the stable FRE.

Transaction and advisory fees from deal execution are often realized through the 'Investment & other income' line or as part of the incentive fees, depending on the structure. The firm demonstrated strong monetization activity in Q3 2025, realizing $15 billion in equity value from asset sales during the quarter alone. This capital recycling activity fuels future fee generation and can trigger performance fees.

Finally, the Investment income from corporate balance sheet capital is a distinct stream. As of September 30, 2025, Brookfield Asset Management Inc. held corporate liquidity of $2.6 billion, comprised of cash and short-term financial assets. While the 'Investment & other income (net of interest expense)' for LTM Q3 2025 was $93 million, the quarterly figure for Q3 2025 was a small net expense of ($6) million, suggesting that direct investment income from the corporate balance sheet was either modest or offset by interest expense in that specific quarter. Remember, they also have $125 billion in uncalled fund commitments, with $55 billion of that not yet earning fees, which is expected to generate approximately $550 million annually once deployed. That future fee stream is a critical part of the revenue outlook.

Finance: draft 13-week cash view by Friday.