Brookfield Asset Management Inc. (BAM): Modelo de negócios Canvas [Jan-2025 Atualizado]

Mergulhe no intrincado mundo da Brookfield Asset Management Inc. (BAM), uma potência global que transforma estratégias de investimento complexas em notável sucesso financeiro. Com uma abordagem sofisticada que abrange imóveis, infraestrutura e energia renovável, a BAM criou um modelo de negócios que vai além do gerenciamento tradicional de ativos, criando um valor de longo prazo para os investidores institucionais por meio de investimentos estratégicos inovadores e um compromisso com o crescimento sustentável. Descubra como esse titã financeiro navega nos mercados globais, aproveita as tecnologias de ponta e cria parcerias estratégicas que redefine a excelência em investimentos.

Brookfield Asset Management Inc. (BAM) - Modelo de negócios: Parcerias -chave

Alianças estratégicas com investidores institucionais globais

A Brookfield Asset Management mantém parcerias estratégicas com os seguintes investidores institucionais:

Tipo de investidor	Número de parceiros	Valor total de investimento
Fundos de pensão	78	US $ 127,3 bilhões
Fundos soberanos de riqueza	24	US $ 53,6 bilhões
Companhias de seguros	42	US $ 41,9 bilhões

Colaboração com fundos de pensão e fundos soberanos de riqueza

O fundos de pensão e as parcerias do fundo de riqueza soberana incluem:

• Conselho de Investimento do Plano de Pensões do Canadá
• Plano de pensão dos professores de Ontário
• Autoridade de Investimento de Abu Dhabi
• O GIC Private Limited de Cingapura
• Autoridade de Investimento do Catar

Joint ventures com promotores imobiliários e empresas de infraestrutura

Categoria de parceiro	Joint ventures ativos	Portfólio total de investimentos
Promotores imobiliários	63	US $ 89,7 bilhões
Empresas de infraestrutura	47	US $ 112,4 bilhões

Parcerias com desenvolvedores de projetos de energia renovável

Detalhes da parceria energética renovável:

• Total de parcerias de energia renovável: 92
• Capacidade renovável instalada por meio de parcerias: 22.6 GW
• Investimento total em projetos renováveis: US $ 34,2 bilhões

Cooperação com empresas de private equity e investimento

Tipo de parceiro	Número de parcerias	Valor de colaboração de investimentos
Empresas de private equity	56	US $ 67,8 bilhões
Bancos de investimento globais	38	US $ 52,3 bilhões

Brookfield Asset Management Inc. (BAM) - Modelo de negócios: Atividades -chave

Gerenciamento de ativos e estratégia de investimento

A Brookfield Asset Management gerencia US $ 825 bilhões em ativos em imóveis, infraestrutura, energia renovável e private equity a partir do quarto trimestre 2023.

Classe de ativos	Total de ativos sob gestão
Imobiliária	US $ 325 bilhões
Infraestrutura	US $ 250 bilhões
Energia renovável	US $ 150 bilhões
Private equity	US $ 100 bilhões

Desenvolvimento de portfólio imobiliário e infraestrutura global

Brookfield opera em 35 países com presença significativa na América do Norte, Europa e Ásia.

• O portfólio imobiliário inclui mais de 250 milhões de pés quadrados de propriedades comerciais
• Investimentos de infraestrutura abrangem mais de 20 países
• Possui e opera mais de 5.000 ativos de infraestrutura

Infraestrutura sustentável e investimentos em energia renovável

Segmento de energia renovável	Capacidade
Capacidade total de energia renovável	22 Gigawatts
Energia solar	7 Gigawatts
Energia eólica	12 gigawatts
Potência hidrelétrica	3 gigawatts

Rominagem de capital e gerenciamento de fundos de investimento

Brookfield levantou US $ 87 bilhões em novo capital em vários fundos em 2023.

• Investidores institucionais representam 90% da base de capital
• Tamanho médio do fundo: US $ 5-10 bilhões
• Período típico de investimento: 5-7 anos

Avaliação de risco e otimização de portfólio

Brookfield mantém um abordagem de investimento diversificado entre geografias e classes de ativos.

Métrica de gerenciamento de riscos	Desempenho
Diversificação do portfólio	5+ classes de ativos
Propagação geográfica	35 países
Correlação média do portfólio	0.3-0.4

Brookfield Asset Management Inc. (BAM) - Modelo de negócios: Recursos -chave

Extensa rede de investimentos globais

A partir de 2024, a Brookfield Asset Management gerencia US $ 725 bilhões em ativos em várias geografias. A empresa opera em 35 países com presença significativa nas regiões da América do Norte, América do Sul, Europa e Ásia-Pacífico.

Região geográfica	Ativos sob gestão (US $ bilhões)	Setores de investimento
América do Norte	385	Imóveis, infraestrutura, energia renovável
Ámérica do Sul	95	Infraestrutura, recursos naturais
Europa	145	Imóveis, private equity
Ásia-Pacífico	100	Infraestrutura, energia renovável

Profissionais de gestão e investimento experientes

A Brookfield emprega aproximadamente 2.500 profissionais de investimento em todo o mundo, com uma experiência média do setor de 18 anos.

• Equipe de liderança sênior com mais de 200 anos de experiência em investimento
• Profissionais com experiência especializada em infraestrutura, imóveis, private equity e energia renovável
• Posse profissional média de investimento de 12 anos dentro da organização

Portfólio de ativos diversos

A quebra do portfólio de ativos de Brookfield a partir de 2024:

Classe de ativos	Valor total (US $ bilhões)	Porcentagem de portfólio
Imobiliária	250	34.5%
Infraestrutura	225	31%
Energia renovável	125	17.2%
Private equity	75	10.3%
Crédito & Outro	50	6.9%

Forte capital financeiro e liquidez

Métricas financeiras para Brookfield em 2024:

• Total de ativos: US $ 725 bilhões
• Ativos líquidos: US $ 45 bilhões
• Capacidade da linha de crédito: US $ 15 bilhões
• Classificação de crédito de grau de investimento

Infraestrutura tecnológica avançada

Detalhes de investimento em tecnologia:

• Orçamento anual de infraestrutura de tecnologia: US $ 180 milhões
• AI e plataformas de aprendizado de máquina para análise de investimento
• Software de gerenciamento de riscos proprietários
• Investimento de segurança cibernética: US $ 45 milhões anualmente

Brookfield Asset Management Inc. (BAM) - Modelo de negócios: proposições de valor

Criação de valor a longo prazo para investidores institucionais

A Brookfield Asset Management gerencia US $ 825 bilhões em ativos a partir do quarto trimestre 2023, com foco no fornecimento de valor de longo prazo para os investidores institucionais.

Tipo de investidor	Alocação de ativos	Retorno médio anual
Fundos de pensão	37%	12.5%
Fundos soberanos de riqueza	22%	11.8%
Companhias de seguros	18%	10.9%

Estratégias de investimento diversificadas em mercados globais

Brookfield opera em várias geografias e setores com investimentos estratégicos.

• América do Norte: 45% do portfólio total
• Europa: 25% do portfólio total
• Ásia-Pacífico: 20% do portfólio total
• América Latina: 10% do portfólio total

Experiência em infraestrutura complexa e investimentos imobiliários

A Brookfield é especializada em investimentos complexos de ativos alternativos com presença significativa no mercado.

Categoria de investimento	Total de ativos sob gestão	Número de projetos globais
Infraestrutura	US $ 285 bilhões	372
Imobiliária	US $ 225 bilhões	426
Energia renovável	US $ 65 bilhões	187

Abordagem de investimento sustentável e responsável

Brookfield se compromete com investimentos sustentáveis ​​com métricas ambientais quantificáveis.

• Alvos de redução de carbono: 50% até 2030
• Investimentos de energia renovável: US $ 65 bilhões
• Ativos compatíveis com ESG: 78% do portfólio

Gerenciamento de ativos de alto desempenho com histórico comprovado

Brookfield demonstra desempenho consistente em estratégias de investimento.

Métrica de desempenho	Média de 5 anos	Média de 10 anos
Retorno total	15.3%	14.7%
Retorno ajustado ao risco	1.42	1.38

Brookfield Asset Management Inc. (BAM) - Modelo de Negócios: Relacionamentos do Cliente

Serviços de consultoria de investimento personalizados

A Brookfield Asset Management atende a aproximadamente 550 investidores institucionais em todo o mundo, com foco em indivíduos de alta rede e clientes institucionais.

Segmento de cliente	Número de clientes	Tamanho médio de investimento
Investidores institucionais	550	US $ 250 milhões por cliente
Indivíduos de alta rede	1,200	US $ 50 milhões por cliente

Relatórios de desempenho regulares e transparência

BAM fornece relatórios trimestrais de desempenho com 99,7% de classificação de transparência.

• Atualizações trimestrais de desempenho financeiro
• Relatórios detalhados de alocação de ativos
• Divulgações de gerenciamento de riscos

Parcerias estratégicas de longo prazo com investidores institucionais

Duração média da parceria: 12,5 anos com clientes institucionais.

Duração da parceria	Número de parcerias de longo prazo	Total de ativos sob parceria
10-15 anos	287	US $ 185 bilhões

Equipes de gerenciamento de relacionamento dedicadas

A BAM emprega 215 profissionais de gerenciamento de relacionamento dedicados.

• Relação média de cliente para gerente: 1: 3
• Experiência especializada no setor
• Suporte ao cliente 24 horas por dia, 7 dias por semana

Plataformas de comunicação digital e engajamento de investidores

Estatísticas de engajamento da plataforma digital para 2024:

Recurso da plataforma	Taxa de adoção do usuário	Interações anuais
Portal de investidores on -line	87%	1,2 milhão
Aplicativo de investimento móvel	65%	850,000

Brookfield Asset Management Inc. (BAM) - Modelo de negócios: canais

Equipe de vendas diretas e redes de investidores institucionais

A Brookfield mantém uma equipe global de vendas diretas de 1.400 profissionais de investimento em mais de 30 escritórios em todo o mundo. A Rede Institucional de Investidores inclui:

Tipo de investidor	Porcentagem de ativos
Fundos de pensão	42%
Fundos soberanos de riqueza	18%
Companhias de seguros	15%
Doações e fundações	12%
Outros investidores institucionais	13%

Plataformas de investimento digital e portais online

Brookfield utiliza plataformas digitais avançadas com as seguintes características:

• Portal de investidores on -line com US $ 690 bilhões em ativos totais sob gestão
• Plataforma de relatório digital seguro, cobrindo mais de 25 estratégias de investimento
• Rastreamento de desempenho em tempo real para investidores institucionais

Conferências financeiras e fóruns de investimento

Participação anual em conferências importantes de investimento:

Tipo de conferência	Participação anual
Fóruns globais de investimento	12-15 eventos
Conferências de investidores institucionais	20-25 eventos
Cúpulas de investimento regional	8-10 eventos

Site de relações com investidores e comunicações digitais

Métricas de comunicação digital:

• Tráfego do site: 2,1 milhões de visitantes anuais
• Relatórios trimestrais de investidores digitais
• Plataformas de comunicação multilíngues cobrindo 6 idiomas

Eventos profissionais de networking e indústria

Estatísticas de rede e engajamento de redes:

Atividade de rede	Engajamento anual
Eventos profissionais da indústria	40-50 eventos
Reuniões diretas de investidores	500 mais de reuniões anualmente
Ótimos redondos executivos	12-15 sessões

Brookfield Asset Management Inc. (BAM) - Modelo de negócios: segmentos de clientes

Investidores institucionais

A partir de 2024, a Brookfield Asset Management gerencia aproximadamente US $ 850 bilhões em ativos para investidores institucionais. A empresa atende a várias categorias de investidores institucionais com diversas estratégias de investimento.

Tipo de investidor institucional	Ativos sob gestão	Porcentagem de portfólio total
Companhias de seguros	US $ 187 bilhões	22%
Bancos de investimento	US $ 142 bilhões	16.7%
Doações	US $ 95 bilhões	11.2%

Fundos de pensão

Brookfield gerencia US $ 325 bilhões para fundos globais de pensão em diferentes geografias.

• Fundos de pensão pública: US $ 215 bilhões
• Fundos de pensão privados: US $ 110 bilhões

Fundos soberanos de riqueza

A empresa gerencia US $ 180 bilhões para fundos soberanos de riqueza de vários países.

Região	Ativos sob gestão
Médio Oriente	US $ 85 bilhões
Ásia-Pacífico	US $ 65 bilhões
Europa	US $ 30 bilhões

Grandes corporações

O portfólio de investimentos corporativos totaliza US $ 95 bilhões em vários setores.

• Empresas de tecnologia: US $ 35 bilhões
• Serviços financeiros: US $ 28 bilhões
• Empresas de energia: US $ 22 bilhões
• Empresas industriais: US $ 10 bilhões

Indivíduos de alta rede e escritórios familiares

Brookfield gerencia US $ 50 bilhões para clientes de alta rede e escritórios familiares.

Categoria de cliente	Ativos sob gestão	Tamanho médio de investimento
Indivíduos ultra-nó de alta rede	US $ 30 bilhões	US $ 15 milhões por cliente
Escritórios familiares	US $ 20 bilhões	US $ 50 milhões por escritório

Brookfield Asset Management Inc. (BAM) - Modelo de negócios: estrutura de custos

Despesas de aquisição de pessoal e talento

A partir de 2022, a Brookfield Asset Management relatou despesas totais de remuneração e benefícios de US $ 1,8 bilhão. A empresa empregou aproximadamente 2.100 profissionais globalmente.

Categoria de despesa	Quantidade (USD)
Salários da base	US $ 1,2 bilhão
Bônus de desempenho	US $ 450 milhões
Custos de recrutamento	US $ 35 milhões
Treinamento e desenvolvimento	US $ 115 milhões

Pesquisa de investimento e custos de due diligence

Brookfield alocou aproximadamente US $ 250 milhões para pesquisas de investimento e atividades de due diligence em 2022.

• Taxas de consultoria externa: US $ 95 milhões
• Relatórios de pesquisa de mercado: US $ 45 milhões
• Modelagem e análise financeira: US $ 110 milhões

Manutenção de tecnologia e infraestrutura

As despesas com infraestrutura de tecnologia para 2022 totalizaram US $ 320 milhões.

Categoria de despesa de tecnologia	Quantidade (USD)
Infraestrutura de TI	US $ 180 milhões
Segurança cibernética	US $ 65 milhões
Licenciamento de software	US $ 75 milhões

Conformidade regulatória e despesas legais

A conformidade e os custos legais de 2022 foram de aproximadamente US $ 190 milhões.

• Serviços de Consultoria Jurídica: US $ 110 milhões
• Relatórios regulatórios: US $ 45 milhões
• Tecnologia de conformidade: US $ 35 milhões

Overhead operacional e administrativo global

As despesas operacionais globais de 2022 totalizaram US $ 420 milhões.

Categoria de sobrecarga	Quantidade (USD)
Instalações de escritório	US $ 160 milhões
Viagens e acomodações	US $ 85 milhões
Suporte administrativo	US $ 175 milhões

Brookfield Asset Management Inc. (BAM) - Modelo de negócios: fluxos de receita

Taxas de gerenciamento de fundos de investimento

No ano fiscal de 2023, a Brookfield Asset Management relatou US $ 6,1 bilhões em ganhos totais relacionados à taxa. Taxas de gerenciamento em suas diversas plataformas de investimento geradas aproximadamente US $ 3,8 bilhões na receita recorrente anual.

Plataforma de investimento	Porcentagem de taxa de gerenciamento	Receita anual (USD)
Fundos imobiliários	1.25% - 1.75%	US $ 1,2 bilhão
Fundos de infraestrutura	1.5% - 2.0%	US $ 950 milhões
Fundos de private equity	2.0% - 2.5%	US $ 750 milhões
Fundos de energia renovável	1.0% - 1.5%	US $ 450 milhões

Baseado em desempenho carregou juros

Para 2023, Brookfield gerou US $ 2,3 bilhões em desempenho baseado em desempenho em suas plataformas de investimento.

• Taxa de juros típicos transportados: 20% dos lucros de investimento
• Limiar para juros transportados: normalmente 8% de retorno preferido
• A porcentagem total de juros transportada entre os fundos: varia entre 15-25%

Taxas de serviço de gerenciamento de ativos

Taxas de serviço de gerenciamento de ativos em 2023 totalizaram US $ 1,5 bilhão, com diversificação em vários setores.

Setor	Receita da taxa de serviço	Porcentagem de total
Imobiliária	US $ 650 milhões	43%
Infraestrutura	US $ 450 milhões	30%
Private equity	US $ 250 milhões	17%
Energia renovável	US $ 150 milhões	10%

Retornos de investimento e apreciação de capital

Em 2023, Brookfield relatou US $ 4,7 bilhões em retornos totais de investimento e apreciação de capital.

Taxas de serviço de transação e consultoria

As taxas de serviço de transação e consultoria para 2023 totalizaram US $ 1,2 bilhão.

Tipo de serviço	Receita de taxas	Porcentagem de taxa média
Conselho de fusão	US $ 500 milhões	1.5% - 2.5%
Aviso de aquisição de ativos	US $ 400 milhões	1.0% - 2.0%
Advogado de reestruturação	US $ 300 milhões	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.