Assets Under Management Now Approximately $1 Trillion $68 Billion of Capital Raised in the Quarter Annualized FRE and DE Grew 11% and 12% to $2.5 Billion and $2.4 Billion BROOKFIELD, NEWS, Aug. 07, 2024 (GLOBE NEWSWIRE) -- Brookfield Asset Management Ltd. (NYSE:BAM, TSX:BAM) today announced financial results for the quarter ended June 30, 2024. Connor Teskey, President of Brookfield Asset Management stated, "We had another strong quarter, which included $68 billion of capital raised. There is strong momentum in our Credit business, providing solutions to our partners globally. We also continue to see unprecedented opportunities in our Renewable Power and Transition business, as evidenced by the recent partnership with Microsoft and our agreement to acquire Neoen, one of the world's leading renewable power operators. With one of the largest pipelines of over 230,000 megawatts of renewable power in operation and under development, and our rapidly growing data center platforms, which has seen its US capacity grow four fold over the last two years, we are the infrastructure leader behind the ongoing AI revolution." He continued, "We now have approximately $1 trillion of assets under management. This reflects the dedication and talent of our over 2,400 investment and asset management professionals and nearly a quarter-million operating employees around the world, and is a testament to our commitment to serving our clients and delivering attractive, consistent risk-adjusted returns over the long term." Operating Results Brookfield Asset Management Ltd. Net income for Brookfield Asset Management Ltd. (BAM), the publicly traded entity, totaled $124 million for the quarter (2023 - $109 million). BAM owns an approximate 27% interest in our asset management business with the other approximate 73% owned by Brookfield Corporation. In order to provide meaningful comparative information, the discussion that follows relates to the financial results on a 100% basis for our asset management business (Brookfield Asset Management). Brookfield Asset Management1 For the periods ended June 30 Three Months Ended Twelve Months Ended (US$ millions, except per share amounts)   2024     2023     2024     2023   Fee-Related Earnings2 $ 583   $ 548   $ 2,281   $ 2,194   Add back: equity-based compensation costs and other3   41     47     188     150   Less: cash taxes   (76 )   (68 )   (220 )   (161 ) Distributable Earnings2 $ 548   $ 527   $ 2,249   $ 2,183                             Fee-related earnings per share $ 0.36   $ 0.34   $ 1.40   $ 1.34   Distributable earnings per share $ 0.34   $ 0.32   $ 1.38   $ 1.33   Net income attributable to Brookfield Asset Management $  495   $  455   $  1,804   $ 1,870   See endnotes           Operating Highlights Financial Results Fee-bearing capital reached $514 billion at the end of the second quarter, up $74 billion or 17% over the past year and up $55 billion or 12% from the prior quarter. Brookfield Asset Management's fee-related earnings were $583 million ($0.36 / share) for the quarter and $2.3 billion ($1.40 / share) over the last twelve months, up 6% and 4% over the same periods in the prior year, respectively. Distributable earnings were $548 million ($0.34 / share) for the quarter and $2.2 billion ($1.38 / share) over the last twelve months, up 4% and 3% over the same periods in the prior year, respectively. Brookfield Asset Management began managing capital on behalf of AEL in May; therefore second quarter results only reflect the impact of half a quarter of fees from this mandate. On an annualized basis, FRE and DE at the end of the quarter were $2.5 billion and $2.4 billion, up 11% and 12% from a year ago, respectively. Fundraising We raised $68 billion in the second quarter of 2024. Notable fundraising updates during the second quarter include: Within our credit franchise, we raised $61 billion of capital, including $49 billion of insurance capital from AEL. We also raised capital in our opportunistic credit fund, our life sciences income fund, and our value opportunities fund. Additionally, we held a first close of $500 million in the latest vintage of our music royalty platform, Primary Wave. We raised $4.0 billion of capital in our renewable power and transition business, and expect additional closes for our Global Transition flagship and a first close for our Catalytic Transition fund later this year. Within our infrastructure business, we raised a total of $900 million, primarily within our private wealth and perpetual infrastructure funds. This fundraising within our supercore infrastructure fund was the highest quarterly total for this strategy since 2022. Within our real estate business, we raised $1.1 billion, including additional capital for the fifth vintage of our opportunistic real estate flagship fund, bringing the total fund strategy to approximately $9 billion, with additional closes expected before year end. We raised over $500 million of capital in our private equity business, including capital for Pinegrove Capital Partners, bringing that total fund size to approximately $800 million. Deployment and Recent Deal Announcements In the second quarter, we deployed or committed to deploy approximately $20 billion of capital into investments across a number of high-quality businesses and assets.  Notable deployments in the quarter include: Deployed $6.0 billion across our credit portfolio, including $2.2 billion across the eleventh and twelfth vintages of our opportunistic credit flagships and $1.1 billion within our strategic credit fund. Deployed $1.5 billion across our real estate platform, including approximately $500 million into a U.S. Multifamily Portfolio in the fifth vintage of our opportunistic real estate flagship fund. Deployed approximately $500 million out of the first vintage of our global transition flagship fund, including approximately $200 million towards our investment in a Latin American-focused power provider. Notable commitments include: In June, we entered into an agreement to acquire a majority stake in Neoen, a global, leading, pure-play renewable development business. This transaction is a key strategic investment in the second vintage of our global transition flagship fund and we expect the transaction to be closed by the first quarter of 2025. Also in June, we purchased GEMS Education, a premier private education provider based in the Middle East, with its founder representing $2.0 billion in equity. This was closed into our Strategic Initiatives fund and Middle East fund, along with other partners, and underscores our commitment to investing in this high-growth region. The deal is expected to be completed in the third quarter. Subsequent to quarter-end, we announced the acquisition of nVent Electric's electrical thermal solutions business for $850 million of equity. This business is the leading designer and manufacturer of electric heat trace systems and products, which are mission critical and enable operational safety and efficiency for many essential industries. Uncalled Fund Commitments and Cash on Hand As of June 30, 2024, we had a total of $107 billion of uncalled fund commitments. Uncalled fund commitments include $51 billion which is not currently earning fees, but which will earn approximately $510 million of fees annually once deployed. In addition, we held $1.9 billion of cash and equivalents on our balance sheet as of June 30, 2024. Recent Strategic Transactions We announced several strategic transactions during the quarter: In April, we acquired an additional 5% interest in Oaktree, which brings our ownership stake to approximately 73%. In May, Pinegrove Capital Partners, a manager focused on technology secondary solutions that we own through our joint venture with Sequoia Heritage, signed a definitive agreement to acquire SVB Capital, the asset management division of SVB Financial. SVB Capital is a multi-strategy investment platform that manages a series of venture capital fund of funds, as well as other funds focused on private technology and life science companies throughout the innovation economy.  Regular Dividend Declaration The board of directors of Brookfield Asset Management Ltd. declared a quarterly dividend of $0.38 per share, payable on September 27, 2024, to shareholders of record as of the close of business on August 30, 2024. End Notes Reflects full period results unless otherwise noted on a 100% basis for Brookfield Asset Management, being Brookfield Asset Management ULC and its subsidiaries, including its share of the asset management activities of partly owned subsidiaries. See Reconciliation of Net Income to Fee-Related Earnings and Distributable Earnings on page 6 and Non-GAAP and Performance Measures section on page 8. Equity-based compensation costs and other income includes Brookfield Asset Management's portion of partly owned subsidiaries investment income, realized carried interest, and other items. Brookfield Asset Management Ltd. Statement of Financial Position   UnauditedAs at(US$ millions) June 30,2024 December 31,2023 Assets         Cash and cash equivalents $ 10 $ 9 Investment in Brookfield Asset Management   3,330   2,270 Due from affiliates   769   886 Other assets   76   40 Total Assets $ 4,185 $ 3,205           Liabilities         Accounts payable and other $