Brookfield closes BCP V on $9bn

Harriet Matthews
07 November 2019

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Brookfield Asset Management has closed global fund Brookfield Capital Partners V on $9bn, exceeding its target of $7bn.

BCP V was registered and announced in August 2018. The Cayman Islands-based vehicle will have a lifespan of 10 years and held its first close on $6.5bn in October 2018.

According to Unquote Data, the fund has a management fee of 1.675%, with a hurdle of 8% IRR and carry of 20%.

The fund's predecessor, BCP IV, held its final close in May 2016 on $4bn. It was 91% deployed as of June 2019 and had a GP contribution of $1bn.

Investors
Brookfield has committed $3bn to the fund. The vehicle's LP base ranges from sovereign wealth funds to family offices.

According to Unquote Data, US pension funds making commitments include the City of Detroit General Retirement System, the Minnesota State Board of Investment, the New Jersey Division of Investment, the New York State Common Retirement Fund and the South Carolina Retirement Systems.

Investments
The fund has deployed $2.5bn in investments so far. According to Unquote Data, the fund has a four-year investment period and will commit tickets of $200-600m per transaction. The fund will target buyout and turnaround investments, as well as restructurings and recapitalisations.