Brookfield Asset Management‘s tie up with niche secondaries group DWS doesn’t appear to be the last of the firm’s aspirations for its push into the asset class.
On the Canadian giant’s full year earnings call on Wednesday, BAM president Connor Teskey said the firm has ambitions to be a leader in secondaries.
“Brookfield’s access to capital and its ability to think of unique and flexible transaction structures to benefit its counterparties can be additive,” Teskey said. “Given our deep knowledge of a lot of the segments where the secondaries opportunities sit, we often have knowledge of the underlying assets or underlying companies that are subject to these trades.”
Teskey said BAM eventually hopes to offer all types of secondaries products, though it will focus on GP-initiated transactions to start.
“We do think this is a space that we are well positioned to take advantage of, and we can be a leader in,” he said, adding: “In terms of the types of different products and solutions, we would expect to be able to offer all of them, but [are] primarily focused on GP solutions to start.”
DWS last week said it had agreed to “transfer” its secondaries unit to Brookfield. It did not disclose financial details of the agreement.
BAM raised $93 billion of capital across all strategies last year and ended the period with $790 billion in total AUM, up 15 percent from 2021.
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