Canada-based Brookfield Asset Management Inc said it scored USD 1 billion in equity commitments for its Brookfield Timberlands Fund V. The fifth fund would invest in timberland opportunities in Brazil, Australia and the United States. It may also invest in Canada, Uruguay, Chile and New Zealand.
Brookfield initially wanted to raise USD 750 million for its fifth global fund. Strong investor demand, however, exceeded the initial fundraising target. The Canadian asset manager also put up USD 250 million to Fund V in addition to the capital commitments from public and private plan companies, sovereign wealth funds and insurance firms.
Managing Partner of Brookfield Timberlands Reid Carter said their fifth fund would give their investors a chance to back up high quality and large scale timberland assets. He said that the fund would rely on the experienced team of Brookfield's to manage the assets and provide long-term returns. "The global timber supply and demand outlook is very favorable for timberland owners, and we believe this sustainable, renewable resource offers significant benefits to institutional investors," he added.
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