Brookfield Asset Management Inc · NYSE:BAM
Brookfield Asset Management — Investor Day (September 2025)
76 slides from Brookfield Asset Management's investor day presentation, September 2025
Slide 1: Brookfield Asset Management
Brookfield Asset Management
Slide 2: Investor Day agenda
1:00 PM Positioned to Win Today and Tomorrow Connor Teskey, President 1:30 PM Fundraising Outlook & Five-Year Financial Plan Hadley Peer Marshall, Chief Financial Officer 2:00 PM Fund Spotlight Panel Winning with Scale and Differentiation Moderated by Brian Kingston, Executive Chair 2:30 PM Fireside
Slide 3: Positioned to Win Today and Tomorrow
Positioned to Win Today and Tomorrow Connor Teskey, President
Slide 4: Brookfield Asset Management Today
Brookfield Asset Management Today 125-year owner-operator and leader across real asset investing Focused on the backbone of the global economy $ T+ 1 $ 560B+ $ 100B Assets Under Management Fee-Bearing Capital Market Capitalization Investing across five key verticals Infrastructure Renewable Private
Slide 5: Global presence with a local mindset
Global presence with a local mindset We operate in over 50 countries, with 250K+ operating employees Europe & Middle East $230B+ AUM 300 Investment Professionals Americas $730B+ AUM Asia Pacific 850 Investment $150B+ AUM Professionals 200 Investment Professionals BROOKFIELD.COM 5 See Notice to Recip
Slide 6: Secular megatrends will require $100+ trillion of capital
Secular megatrends will require $100+ trillion of capital Our businesses are positioned to benefit from the forces shaping the global economy Digitalization Deglobalization Decarbonization These forces are accelerating, growing the opportunity for large-scale private capital BROOKFIELD.COM 6 Source:
Slide 7: Path to 20% earnings growth on a recurring basis
Our momentum continues, creating a path to 20% earnings growth on a recurring basis BROOKFIELD.COM 7
Slide 8: Leadership enables accelerated growth
Leadership enables accelerated growth Leadership is earned… … and it matters Excellent risk-adjusted returns Fundraise on a greater scale Attract a more diverse capital base Consistency across cycles Source proprietary deal flow Scale Foresee trends and act quickly The right asset classes Launch new
Slide 9: Platform positioned to deliver in all economic environments
Our platform is positioned to deliver in all economic environments and win across the market cycle Products Partnerships Performance Individuals Built to continuously add new growth levers to our business BROOKFIELD.COM 9
Slide 10: Products
Products Leading in the largest and fastest-growing areas of alternatives, with a proven ability to scale new asset classes BROOKFIELD.COM 10
Slide 11: Leadership in key areas provides a platform for product innovation
Products Leadership in key areas provides a platform for product innovation Infrastructure Renewable Power Private Equity Real Estate Credit & Transition Largest global Largest dedicated Top performing Leading global real Largest opportunistic infrastructure renewable power & private equity estate m
Slide 12: Developing strategies across the capital spectrum (2015)
Products Developing strategies across the capital spectrum Our leadership position allows us to build out adjacent, differentiated products Key Strategies in 2015 Illustrative Risk/Return Profile for Select Funds Debt Strategies Equity Strategies Public Senior Debt Mezzanine Core Core Plus Value Add
Slide 13: Developing strategies across the capital spectrum (today)
Products Developing strategies across the capital spectrum Expanded into a full suite of capital solutions across debt, equity and structured solutions for every investor type Key Strategies Today Illustrative Risk/Return Profile for Select Funds Debt Strategies Equity Strategies Public Senior Debt
Slide 14: Track record in diversification, expansion, and evolution
Products Established track record and capability in diversification, expansion, and evolution Strategies launched over the past 10 years now represent 70% of fee revenues Over 65% of our expected fundraising will come from these newer strategies We launched more strategies since last year than we ha
Slide 15: Leveraging capabilities to unlock new strategies
Products Leveraging capabilities to unlock new strategies In less than a decade, Credit has grown from essentially zero to a $1.5 billion fee engine with multiple long term growth drivers Broad-Based Credit Capabilities Real Asset Finance Opportunistic Credit Asset-Based Finance BROOKFIELD.COM 15
Slide 16: Scaling new asset classes
Products Scaling new asset classes We built Transition from zero to one of our largest fee revenue generators in less than five years Annualized Transition Fee Revenues ($M) Renewables investor for several decades ~$400 Build adjacent to existing strengths Leverage proprietary data, market knowledge
Slide 17: The next big thing
Products The next big thing We can deliver the full capabilities of Brookfield to meet the unprecedented investment needed globally for AI infrastructure AI Factories Infrastructure Power & Transmission Real Estate $ 7T+ 10-Year Expected Credit Capex Spend Compute Infrastructure Strategic Adjacencie
Slide 18: Partnerships
Partnerships Partner of choice for the largest and most attractive proprietary global opportunities BROOKFIELD.COM 18
Slide 19: Delivering speed, certainty and the ability to execute at scale
Partnerships Delivering speed, certainty and the ability to execute at scale We are a partner of choice to the largest, most sophisticated institutions in pursuit of their strategic initiatives, including: Governments Corporates Few others can bring together the capital, capabilities and track recor
Slide 20: Partnerships are accelerating
Partnerships Partnerships are accelerating So far this year, we have announced nearly $40 billion towards these first-of-their-kind partnerships, including: Hydroelectric framework to €20 billion investment $10 billion investment Strategic partnership to provide 3,000 MW of program for the buildout
Slide 21: The best partnerships unlock the best opportunities
Partnerships The best partnerships unlock the best opportunities These partners are not only Why partnerships matter: counterparties, but also increasingly: Large-scale, proprietary deal flow Investors Enhances value of Off-takers operating businesses Tenants Superior risk-adjusted returns JV partne
Slide 22: Performance
Performance Consistent, strong returns from essential, durable assets and businesses across cycles BROOKFIELD.COM 22
Slide 23: Strong performance at scale is our competitive advantage
Performance Strong performance at scale is our competitive advantage We invest in essential, durable assets that form the backbone of the global economy High-quality real assets deliver stability, resilience and value across cycles BROOKFIELD.COM 23
Slide 24: Our strategies have delivered strong, consistent performance
Performance Our strategies have delivered strong, consistent performance Gross Return Net Return Fund History Target Actual Target Actual Infrastructure 15 years 13% 15% 11% 12% Renewable Power & Transition 4 years 14% 17% 11% 11% Private Equity 24 years 22% 26% 18% 20% Real Estate 19 years 20% 20%
Slide 25: High-quality assets sell better through cycles
Performance High-quality assets sell better through cycles Durable cash-flowing assets are more financeable and more saleable in any market environment $ 15B $ 10B of private equity client 20% return generated across of real estate assets capital returned over infrastructure and sold year-to-date th
Slide 26: Individuals
Individuals We have the suite of products to meet all types of investor needs BROOKFIELD.COM 26
Slide 27: The growth of alternatives has been driven by institutions
Individuals The growth of alternatives has been driven by institutions Alternative AUM by Region ($T) 2010–30E ~$32 +10% CAGR ~$20 ~$13 ~$8 ~$4 2010 2015 2020 2025E 2030E North America Europe APAC RoW BROOKFIELD.COM 27 Source: Preqin, Future of Alternatives 2029. 2030E based on Brookfield internal e
Slide 28: Further client growth from institutional investors
Individuals We see further client growth from institutional investors Capital is consolidating Room to expand with leaders who have: institutional clients across: Global scale Middle-market pensions Diverse product offerings Corporate pensions Access to high-growth asset classes Family capital Estab
Slide 29: Individual investors represent a new engine of growth
Individuals Individual investors represent a new engine of growth Global Market Size Alts allocation <3% Alts allocation $22T ~$40T ~25% Institutional Pools Individual Pools Pension Plans Private Wealth Sovereign Wealth Annuities 401(k)s BROOKFIELD.COM 29 Sources: Preqin, Institutional Allocation St
Slide 30: What matters to individual investors
Individuals What matters to individual investors Size Brand Product Mix Track Record We are unmatched in all four BROOKFIELD.COM 30
Slide 31: We are built for this
Individuals We are built for this Real assets are best suited for individual investor needs We are continuously expanding our offerings Our dedicated teams are focused on serving these markets BROOKFIELD.COM 31
Slide 32: Individual investors opportunity to outperform business plan
Individual investors represent an opportunity to meaningfully outperform our business plan BROOKFIELD.COM 32
Slide 33: Positioned to win both today and tomorrow
Key Takeaways Positioned to win both today and tomorrow These long term, structural tailwinds will propel our business, enabling our success for decades to come Identified business plan and platform to Products exceed our 15%+ long term targets Platform that allows for continuous Partnerships additi
Slide 34: Thank You
Thank You 34
Slide 35: Fundraising Outlook & Five-Year Financial Plan
Fundraising Outlook & Five-Year Financial Plan Hadley Peer Marshall, Chief Financial Officer
Slide 36: Outperformed goals for twenty years
For twenty years we have outperformed the goals we have set We expect the next five years to be the same BROOKFIELD.COM 36
Slide 37: Five years ago, we set targets to double
Delivering Strong Results Five years ago, we set targets to double Fee-Bearing Capital ($B) Fee-Related Earnings ($M) 13% 15% CAGR $510 CAGR $2,600 $277 $1,319 2020 2025E 2020 2025E BROOKFIELD.COM 37 See Notice to Recipients and Endnotes, including endnotes 2 and 4
Slide 38: How did we do?
How did we do? BROOKFIELD.COM 38
Slide 39: We exceeded those targets
Delivering Strong Results We exceeded those targets While returning over $130 billion to our clients Fee-Bearing Capital ($B) Fee-Related Earnings ($M) 15%+ $563 15%+ $2,700 CAGR CAGR $277 $1,319 2020 2025 2020 2025 BROOKFIELD.COM 39 See Notice to Recipients and Endnotes, including endnotes 2 and 4
Slide 40: How did we do it?
How did we do it? BROOKFIELD.COM 40
Slide 41: Scaling Flagships
Delivering Strong Results How did we do it? Scaling Flagships Over the past five years, we have significantly scaled our flagship strategies 75%+ $ 93B Growth $ 53B 2025 Vintage Round (5 strategies) 2020 Vintage Round (4 strategies) BROOKFIELD.COM 41 See Notice to Recipients and Endnotes, including
Slide 42: Product Expansion
Delivering Strong Results How did we do it? Product Expansion We added new complementary strategies and fundraising channels ($ billions, last twelve months) 2020 2025 Complementary Equity Funds $5 $13 5x+ Complementary Credit Funds Brookfield Oaktree Wealth Solutions $9 - $32 $7 Growth (Private Wea
Slide 43: Evolution of Credit
Delivering Strong Results How did we do it? Evolution of Credit Wealth Aviation Solutions Finance Senior Brookfield Music Debt Credit Royalties Asset- Direct Based Lending Real Infra & Opportunistic Estate Renewable We manage $250+ billion of credit fee-bearing capital—a 130%+ increase over the last
Slide 44: Expansion of Investor Pools
Delivering Strong Results How did we do it? Expansion of Investor Pools We have expanded our institutional relationships and tapped into new pools of capital $450B+ fundraised across Institutional Clients Private Wealth Clients Annuity Policies 2,500+ ~60,000 ~800,000 ~2,000 90 none none 2010 2020 2
Slide 45: Engines of growth more than doubled our business
Delivering Strong Results How did we do it? With these engines of growth, we more than doubled our business in five years time +3% -8% +5% +$47B -$133B +9% +$97B $563B +$161B +6% +$113B $277B 15%+ CAGR 2020 Flagship Complementary Insurance Return of 2025 Other Funds Strategies Solutions Capital See
Slide 46: We are off to a great start
We are off to a great start BROOKFIELD.COM 46
Slide 47: Strongest financial year on record
We Are Off to a Great Start We had our strongest financial year on record Over the past year, we raised and deployed significant capital toward large-scale deals $ 97B $ 135B Capital Raised Capital Deployed Select businesses we have committed to and invested in: BROOKFIELD.COM 47 See Notice to Recip
Slide 48: Record monetizations across the business
We Are Off to a Great Start We had record monetizations across the business Increased market activity has allowed us to sell high-quality and resilient assets $ 75B+ Returning ~$ 50B of Equity to Investors of Assets Sold Large-Scale Transactions Include: Portfolio of Stabilized Data Australian Senio
Slide 49: We invested to expand our capabilities
We Are Off to a Great Start We invested to expand our capabilities We manage approximately $175 billion of fee-bearing capital across our partner managers Opportunistic credit Asset-backed aviation financing Mortgage and structured credit solutions Music royalties We have the ability increase our ow
Slide 50: Successful efforts led to record earnings
We Are Off to a Great Start Successful efforts led to record earnings Double-digit growth across our key earnings metrics over the prior year period $ 2.7B $ 2.5B Fee-Related Earnings (FRE) Distributable Earnings (DE) 18%+ 13%+ DE continues to be comprised of essentially 100% FRE, making it stable a
Slide 51: We strengthened our access to capital
We Are Off to a Great Start We strengthened our access to capital $1.5B ~$4.0B A / A- Senior Unsecured Notes Debt Capacity and Investment Grade Raised From Two Bond Growing Corporate Ratings Offerings (Fitch / S&P) Maintaining an asset light balance sheet continues to be a top priority BROOKFIELD.CO
Slide 52: Accomplished strategic initiatives set forth last year
We Are Off to a Great Start We accomplished the strategic initiatives set forth last year Expanded Product Offerings We have added new funds across retail offerings, regional strategies and additional niche complementary vehicles Enhanced Capabilities We have built out platforms across defined benef
Slide 53: We plan to double again
The Path to 2030 We plan to double again 53
Slide 54: Compounding our proven growth model
The Path to 2030 Compounding our proven growth model We will continue to scale, expand and diversify across our three main drivers of growth Flagship Funds Complementary Wealth Solutions Products BROOKFIELD.COM 54
Slide 55: Flagship strategies will drive consistent growth
The Path to 2030 1. Our flagship strategies will drive consistent growth $ 120B+ 30%+ Growth $ 93B 2030 Round 2025 Round See Notice to Recipients and Endnotes, including endnotes 6 and 10 BROOKFIELD.COM 55
Slide 56: Complementary strategies will double in size
The Path to 2030 2. Our complementary strategies will double in size ~$ 50B Mature Strategies ~$ 100B 100%+ Growth $ 52B 2030 2025 ~$ 50B New Strategies See Notice to Recipients and Endnotes, including endnotes 10 and 22 BROOKFIELD.COM 56
Slide 57: Wealth Solutions provides a unique growth engine
The Path to 2030 3. Wealth Solutions provides a unique growth engine In a competitive market, we have a differentiated insurance partnership, but wealth is also coming 4% 15% Growing to $ 97B 36% Private Funds 45% 325B+ $ 60% 2025 FBC 2030 FBC Private Non-Fund (SMAs) 40% Liquid Credit Figures presen
Slide 58: Bringing it all together
Bringing it all together BROOKFIELD.COM 58
Slide 59: 100%+ capital base growth by 2030
Bringing It All Together 100%+ capital base growth by 2030 Our capital base should more than double over the next five years +2% -5% +6% +$50B -$170B $1.2T +$230B +3% +6% +$120B +$220B +4% 16%+ +$165B CAGR $563B Flagship Mature New Insurance Other Return of 2025 2030 Strategies Complementary Complem
Slide 60: Growth diversified across five business groups
Bringing It All Together Growth should be diversified across our five business groups ($ billions) 2025 2030 Infrastructure $100 $190 Renewable Power & Transition 64 110 Private Equity 43 80 Real Estate 102 150 Credit 254 640 Total Fee-Bearing Capital $563 $1.2T BROOKFIELD.COM 60 See Notice to Recip
Slide 61: Our stable capital base will continue to strengthen
Bringing It All Together Our stable capital base will continue to strengthen 2025 2030 12% 8% 25% 87% 48% Growing 92% 42% Long Term or To 41% Long Term or Permanent Permanent 15% 9% Long Term Permanent Capital Vehicles Perpetual Strategies Liquid Strategies BROOKFIELD.COM 61 See Notice to Recipients
Slide 62: FBC growth translates into strong earnings growth
Bringing It All Together FBC growth translates into strong earnings growth ($ millions) 2025 2030 Fee Revenues $5,030 $10,050 Direct Costs (2,241) (4,000) Fee-Related Earnings at 100% 2,789 6,050 Non-Controlling Interests (94) (200) Fee-Related Earnings to BAM $2,695 $5,850 17% FRE per Share $1.65 $
Slide 63: Stable FRE base and realized carry should fuel DE growth
Bringing It All Together Stable FRE base and realized carry should fuel DE growth ($ millions) 2025 2030 Fee-Related Earnings $2,695 $5,850 Add: Equity-Based Compensation 41 130 Add: Realized Carried Interest, Net of Costs 10 1,000 Add: Other Income 140 20 Earnings Before Taxes $2,886 $7,000 Cash Ta
Slide 64: Growing pool of carried interest
Bringing It All Together Growing pool of carried interest will drive additional growth Target 2031 – 2035 Cumulative Realized Carried Interest $ 10B Royalty to BN $ 30B $ 10B Net to BAM Gross $ 10B Costs Note: Gross Carried Interest to BAM is presented net of 33% owed to Brookfield Corporation BROOK
Slide 65: Additional levers for growth
Additional levers for growth We can unlock upside beyond our base plan through various channels… Access to New Capital Solutions M&A 401(k)s Complementary Funds …which creates multiple paths to 20%+ annualized earnings growth BROOKFIELD.COM 65
Slide 66: Key takeaways
Key takeaways We set ambitious targets—and have consistently delivered on them Our growth is broad based and diversified across products, partnerships and individuals We expect to double our business over the next five years—with multiple new engines to extend growth for years beyond $1.2T FBC $5.8B
Slide 67: Thank You
Thank You 67
Slide 68: Winning with Scale and Differentiation
Fund Spotlight Panel Winning with Scale and Differentiation Moderator Brian Kingston Executive Chair
Slide 69: Brookfield Capital Partners (BCP)
Flagship Private Equity Strategy Brookfield Capital Partners (BCP) Our Investment Strategy Target Essential Acquire Drive Operating Products & Services for Value Improvements Our Track Record Leading Performance Operational Improvements 26% Gross / 20% Net Drove 50% of Value Creation BROOKFIELD.COM
Slide 70: Brookfield Infrastructure Income Fund (BII)
Private Wealth Infrastructure Strategy Brookfield Infrastructure Income Fund (BII) More deal flow More diversity Same institutional quality BIF BID BSIP BGTF BISS Industry leading Largest infrastructure Super-core Largest energy First-of-its-kind infrastructure fund debt fund infrastructure transiti
Slide 71: Brookfield AI Infrastructure Fund (BAIIF)
New Complementary Strategy Brookfield AI Infrastructure Fund (BAIIF) Significant Market Opportunity Brookfield Across AI Infrastructure Value Chain Advantage AI Factories AI Infrastructure, Power Demonstrated 7T+ & Real Estate Development Track Record Compute Power & Capabilities Infrastructure $ Tr
Slide 72: Thank You
Thank You
Slide 73: Endnotes
Endnotes All data presented is as of June 30, 2025, unless otherwise noted. Totals may returns of committed capital (excluding market valuation adjustments) these funds include the flagship funds Brookfield Infrastructure Fund V, not add due to rounding. and redemptions; iv) Market activity includes
Slide 74: Endnotes continued
Endnotes continued 11. The target returns set forth herein are for illustrative and informational investor fee schedule), as well as the effects of leverage, if any, due to rounded to the nearest whole number. purposes only. Target gross returns are based on historical the temporary funding in respe
Slide 75: Notice to Recipients
Notice to Recipients Brookfield Asset Management Ltd. (“BAM”) is not making any offer or “estimate”, “goal”, “intend”, “plan”, “seek”, “strive”, “will”, “aim”, “may” and operate; (x) inflationary pressures; (xi) catastrophic events, such as invitation of any kind by communication of this presentatio
Slide 76: Notice to Recipients continued
Notice to Recipients continued CAUTIONARY STATEMENT REGARDING PAST AND FUTURE substitute for, similar financial measures calculated in conformity with U.S. PERFORMANCE AND TARGET RETURNS GAAP financial measures. These non-GAAP financial measures are not standardized financial measures and may not be
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