Brookfield raised $2 billion for a Middle East-focused private equity vehicle backed by Saudi Arabia’s Public Investment Fund. The new fund, which will be one of the largest focused on the region, reached a first close with unspecified commitments from PIF and other global and regional investors, as well as $500 million from Brookfield itself.
The fund will allocate 50% of its investments to Saudi Arabia, in a move that supports PIF’s goal of attracting more foreign capital into the kingdom. It is a sign of how Wall Street’s biggest firms continue to show commitment to the Gulf, despite the region being dragged into the Iran war.
Brookfield’s new fund is also an indication that global investors see opportunities in Saudi Arabia’s efforts to diversify and develop its economy. PIF signed an agreement with I Squared Capital to deploy up to $2 billion in the kingdom earlier this month.