Brookfield Asset Management Investor Day 2026

Good afternoon, and welcome to Brookfield Asset Management's 2026 Investor Day. We hope you enjoyed that video. It's part of Own What's Next, our first ever brand campaign. The message is consistent with things you've heard us talk about for a long time. Brookfield owns and operates the real assets and essential service businesses that make up the backbone of the global economy. As the backbone of the economy continues to evolve, we've evolved with it. Our industry is changing, too. Private markets are opening up, and individual investors now have the opportunity and choice to participate. This campaign is how we introduce our approach to investing to more investors. We'll share a few more videos between today's presentations that highlight how the backbone is being reshaped, how an ownership mentality is core to our DNA, and how we're always looking ahead for what's next.

On behalf of our entire management team, we appreciate your interest, and we appreciate you being here with us today. We have a terrific agenda lined up for you today, so let's dive in. First, Connor Teskey, our CEO, will discuss the advantages we've built across Brookfield and how they are driving durable, resilient results across the franchise. Hadley Peer Marshall, our CFO, will continue by highlighting how our resilient earnings model also has significant durable growth drivers that will propel the business for the next five years and beyond. Then Bob O'Leary, our Co-CEO of Credit, will take you through our integration of Oaktree and how it's allowed us to build one fully scaled, full-spectrum credit platform.

Finally, Bruce Flatt, our Chairman, will moderate a conversation with the CEOs of our other business group for a rare dialogue on how each of those businesses are growing and the opportunities they see today. Before I begin, I just want to touch on a few housekeeping notes. We'll save questions for the end of the presentation, but we'll be happy to take questions from both our live audience and those attending virtually. Just wait for the mic to reach you before you ask those questions, and we'll do that at the end of the presentations. As always, I'd like to remind you that during the Q&A and throughout today's discussions, we may make forward-looking statements. These statements are predictions about future events and trends and are subject to known and unknown risks. Actual results may differ materially from those we discuss today.

For further details, please see our filings with the Securities Commission in the U.S. and in Canada, and the cautionary statements contained in our presentation, which is also available on our website. With that, please silence your phones, sit back, and enjoy the presentation. Let's get started by welcoming Connor Teskey to the stage.

Good afternoon. Thank you for being here, both those in the room and those online, and thank you for your interest and support of Brookfield Asset Management. We don't think there's ever been a more exciting time in the history of Brookfield, and as a result, we're all very excited to provide an update on our business. In previous years, we've talked about our objective of doubling the size of BAM every 5 years or less, and today we're on track or ahead of schedule in that regard. In a moment, Hadley will discuss our ongoing growth profile. But equally important is how we are continuously enhancing the resiliency and stability of our underlying earnings.

When we spun out Brookfield Asset Management in 2022, we wanted to create the highest performing alternative asset manager, one that would raise significant amounts of capital and deploy it into the largest and most attractive investment themes, but equally one that was incredibly diversified, able to drive fundraising, investment performance, and earnings quarter after quarter, year after year, cycle after cycle. That is exactly what we have been doing. We have been building a business model that can produce across market cycles and in all economic environments. Today, Brookfield continues on its 100-plus year history as the leading owner, operator, and investor in the critical assets and essential services that make up the backbone of the global economy. We operate across 5 verticals and use our competitive advantages of size, global reach, and operating capabilities to identify the largest investment trends and drive underlying operating performance.

In the diversity of that business, the leadership in the largest and fastest-growing segments of the alternatives market, and our disciplined approach to execution is showing up in our results. We are both investing and monetizing more capital than at any point in our history, while at the same time delivering growth rates at or above our long-term targets. What this demonstrates is even as our platform grows, we can continue to maintain the growth rates of the past. Even as we deliver these record results for shareholders, at the same time, we are delivering some of the best investment performance in our history to our LP partners. There is nothing that highlights the momentum in our business more than our current level of fundraising. This is a result of that leadership position in the largest and fastest-growing segments of the alternatives market.

It's the result of an underappreciated structure that allows us to raise capital from a diversified spectrum of the largest pools of money around the world. It's the result of the initial dividends of some recent initiatives that will continue to scale going forward. Not only will we deliver record fundraising this year, but we are raising the bar of how much capital we expect to raise year in and year out. Perhaps what's most important is it's not coming from a single strategy or a single platform. Every business at Brookfield is printing records right now. Our infrastructure, energy, and AI infrastructure platform continues to be dominant in what is one of the biggest capital needs and greatest build environments in history. Our private equity and real estate platforms continue to grow and scale, particularly at a time where others are seeing headwinds and perhaps retreating.

Lastly, now with the full integration of Oaktree, we have built one of the largest global credit platforms built for performance and market leadership in the most important subsegments of credit. We are able to continue to enhance the resiliency of our earnings while delivering growth due to ongoing processes within our business. We increasingly diversify those leading market positions in the most important segments of the alternatives market. We continue to deliver on Brookfield's brand of exceptionally attractive risk-adjusted returns, but at a scale and a consistency that few, if any, can match. Lastly, we continue to stay focused on the future, building new businesses the right way such that they can scale into market leaders over time and continuously positioning our platform at the forefront of investment trends both today and in the future. Let's go through each of those individually.

Brookfield's diversity is a quiet, underappreciated, and hugely value attribute of our business. Our diversity across geographies, investment capabilities, products, and investors ensures that we can deliver results across all economic conditions. Said another way, we can continue to grow regardless of which products are in the market in a given year. While this is an undisputed strength of our business today, we have an ongoing process to ensure we go from strength to more strength in this regard. That's because increasing our diversity and growth is part of a very virtuous cycle. Brookfield uses its competitive advantages of size, global reach, operating capabilities to deliver exceptional, strong, and consistent results. That track record, it allows us to not only raise larger funds in our existing strategies, but also launch new funds.

That growth and increased diversity of our business gives us visibility to more capital flows, a greater spectrum of transactions, and gives us more information with which to make the next investment decision. We put that back into our business, enhancing our capabilities and continuing the virtuous cycle. Where does this show up in our results? Let's just take a subsegment shot at some of our infrastructure products. In our most mature strategies, we are seeing almost 80% of fundraising from re-ups, existing investors in that strategy who are attracted to the strong and consistent returns it delivers. But once an investor joins Brookfield, they increasingly look to invest across other strategies as well, the way that 60% of the investors in our market-leading Brookfield Infrastructure Debt Fund are also investors in the flagship.

Different investors have different needs, different objectives, yield, risk tolerance, duration, liquidity, and by offering a greater spectrum of different products and solutions, we can service the entire spectrum of investors, but in different proportions for each type of product. Over the last 10 years, we have increased our institutional investor base by 8 times, 800%. Obviously, that significantly increases our diversity, minimizing any reliance on a single geography, investor, or investor type. Perhaps what is more important is investors who partner with Brookfield are increasingly investing across a greater number of strategies. This allows us to build deeper, larger, more enduring relationships, and it also allows us to continue to grow our business without the burden of customer acquisition costs every time. Looking at the stats, today, the average investor has a little bit more than 2 and a half different product investments with Brookfield.

That is more than less than 2 times a decade ago. That might not seem that exciting, but it is remarkable. Please understand the denominator effect in that calculation. We have brought in more than 2,000 new investors who by definition started with just a single product at Brookfield. We have been saying for a number of years now that the largest investors around the world are increasingly concentrating their capital with a smaller number of managers who can deliver performance, but also deliver a greater suite of products and services. This is why we launch new products. This is why we integrated with Oaktree. This is why we continue to expand our partner manager program, increasing the number of new entry points for new investors to Brookfield, as well as increasing the number of products and solutions we can offer to existing partners.