Brookfield Infrastructure Fund IV

Overview

Brookfield Infrastructure Fund IV (BIF IV) is the fourth flagship closed-end infrastructure private equity vehicle sponsored by Brookfield Asset Management (via its Infrastructure Group, then headed by Sam Pollock). The fund pursues a diversified, global, value-oriented infrastructure strategy, targeting core/core-plus assets with contracted or regulated cash flows across the utilities, transport, energy/midstream, and data infrastructure sectors in North America, South America, Europe, and Asia-Pacific. Brookfield launched fundraising against an original target of US$17 billion, held a first close of roughly US$14 billion / US$14.5 billion around May 2019 (per Form D data for the fund's IV-A/IV-C onshore vehicles, first sale of interests dated May 10, 2019, filed with the SEC June 7, 2019), and reached a final close on February 7, 2020 at US$20 billion in total commitments — exceeding target by roughly 18% (US$3 billion over) and becoming, at the time, Brookfield's largest-ever closed-end fund. The LP base comprised approximately 170 institutional investors globally (public and private pension plans, sovereign wealth funds, insurers, financial institutions, endowments/foundations, family offices, and private wealth channels); per Brookfield's own close-announcement press release, roughly 75% of these were existing Brookfield investors re-upping. Brookfield and its permanent-capital affiliates (Brookfield Infrastructure Partners L.P. and Brookfield Renewable Partners L.P.) committed roughly US$5 billion of the total alongside outside LPs. Parallel fund vehicles on file with the SEC include Brookfield Infrastructure Fund IV-A, L.P.; IV-B, L.P.; IV-C, L.P.; and Fund IV (ER) SCSp. As of the February 2020 close announcement, BIF IV had already deployed/committed approximately US$8 billion (~40% of capital) to transactions consistent with its stated focus, including: the acquisition of Genesee & Wyoming Inc. (the largest short-haul/regional freight rail operator in North America, owning/leasing 120 freight railroads across North America, Europe and Australia; an $8.4bn enterprise-value take-private at $112/share cash, completed with GIC and other institutional partners on December 30, 2019); the acquisition of Reliance Industries' Indian telecom tower portfolio (~130,000 towers, later renamed Summit Digitel Infrastructure, a $3.7bn-equity-requirement deal closed with institutional co-investors in 2019-2020); North American natural gas pipeline assets; data infrastructure businesses in South America, New Zealand, India, and the U.K.; and a global portfolio of renewable power assets. No public source discloses a management fee/carry structure (a February 2019 private-placement memo summary for the fund exists on a public pension-consultant site but is marked "private and confidential" and was not accessible), individually named institutional LPs with disclosed commitment amounts, or a formal "vintage year" label for BIF IV. 2019 (year of first close/first capital call) remains the best-supported inference from the SEC Form D first-sale date, but this is an inference, not a stated vintage designation.

Key Facts

Fund type

Infrastructure

Vintage year

2019

Strategy

Diversified global core/core-plus infrastructure — utilities, transport, energy/midstream, and data infrastructure — targeting contracted or regulated cash-flow assets across North America, South America, Europe, and Asia-Pacific. Confirmed unchanged from first pass; press release additionally specifies data-infrastructure exposure spanning South America, New Zealand, India, and the U.K.

Managed by

Brookfield Asset Management

Fund size

USD 20.0B