Asset manager’s pitch to some of Canada’s largest pension funds unlikely to get traction, sources say
Brookfield Asset Management Ltd. has floated an exploratory proposal to launch a fund worth as much as $50-billion that would seek to raise money from major Canadian pension funds and from Ottawa to invest in Canadian assets – but was met with tepid interest, sources said.
Brookfield was exploring a plan to raise most of the capital for the fund – likely more than $35-billion – from several of Canada’s largest pension funds. The Toronto-based asset manager would also seek a $10-billion contribution from the federal government, and pitch in as much as $4-billion of its own capital, according to one of the sources.
Spokespeople for Brookfield and Finance Minister Chrystia Freeland’s office declined to comment. A senior government official, who asked not to be named, said the government did not ask Brookfield to initiate a fund. The proposal Brookfield explored taps directly into a debate about whether Canada’s largest pension funds invest sufficiently in Canada. Earlier this year, Ottawa, to lead a federal working group exploring ways to encourage those funds to invest more of their assets domestically.
Mr. Poloz declined to comment on the Brookfield discussions, and said in an e-mail his own work is continuing with meetings to collect ideas and conversations with government “about possible ways forward.”
Brookfield Fund Idea Funds Pension Capital Government Bank Of Canada Brookfield Asset Management Brookfield
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