Brookfield Infrastructure Fund V

Overview

Brookfield Infrastructure Fund V (BIF V) is the fifth vehicle in Brookfield Asset Management's flagship closed-end global infrastructure equity series, managed by Brookfield's infrastructure investment group. Fundraising launched in 2022 (earliest confirmed LP commitment: Teacher Retirement System of Texas, $350M, approved July 2022) and ran through final close on December 1, 2023. Against a stated target of $25 billion, Brookfield closed the Fund itself at $28 billion in commitments, with an additional ~$2 billion raised into related co-investment vehicles, for total capital formation of ~$30 billion. At close, Brookfield and third-party press (Infrastructure Investor, Pensions & Investments, IREI) described BIF V as the largest closed-end private infrastructure fund ever raised — 40% larger than its predecessor, Brookfield Infrastructure Fund IV — drawing commitments from roughly 200 limited partners, predominantly existing Brookfield relationships: public and private pension plans, sovereign wealth funds, financial institutions, endowments, foundations, and family offices. Individually verifiable LP commitments now confirmed in the public record include: CalPERS ($750M fund + $250M co-invest sidecar), New York State Common Retirement Fund ($300M), Maryland State Retirement and Pension System ($300M), Teachers' Retirement System of the State of Illinois ($300M), Teacher Retirement System of Texas ($350M), New Mexico State Investment Council ($100M), and Japan's GPIF ($300M co-investment, GPIF's first-ever direct infrastructure LP commitment). South Carolina Retirement System is also reported as an investor with an unconfirmed amount. BIF V's stated strategy targets large-scale, essential infrastructure assets globally across renewable power/transition, transport, data infrastructure, and midstream/telecom-adjacent sectors, marketed under Brookfield's "Three Ds" thesis (digitalization, decarbonization, deglobalization); one lower-confidence secondary data point (not independently confirmed via primary-document fetch) suggests a target return profile around 13% net IRR / 5% cash yield / 2.0x net equity multiple. At final close, Brookfield disclosed the fund was already ~40% deployed across six investments in renewable, transport, data center, and telecom tower assets, without naming them in its official release. Press and secondary aggregators plausibly but NOT definitively link BIF V to two large transactions in the same window: the $13.3B take-private of container-leasing company Triton International (executed by "Brookfield Infrastructure," i.e., BIP/BIPC plus unnamed institutional partners) and the ~$2.5B acquisition of American Tower Corporation's India telecom-tower portfolio (executed by Data Infrastructure Trust, a vehicle "sponsored by an affiliate of Brookfield Asset Management") — neither primary source names BIF V explicitly, so this attribution should be treated as unconfirmed rather than fact. Legal counsel to Brookfield on the fund's formation/closing was Weil, Gotshal & Manges. No SEC Form D or other fund-specific regulatory filing was located. Fund performance metrics (realized IRR, TVPI, DPI) were not disclosed in any source reviewed and remain NONE_FOUND — the 13%/5%/2.0x figures mentioned above are a fundraising-stage TARGET only, not realized performance, and are separately flagged as unverified.

Key Facts

Fund type

Infrastructure

Vintage year

2023

Strategy

Unchanged from first pass — confirmed, no corrections. Core-plus/flagship global infrastructure equity strategy. Invests in large-scale, high-quality infrastructure assets across four sectors: renewable power & transition, transport, data infrastructure (data centers), and midstream/utilities — with telecom towers also cited as a target sub-sector. Brookfield frames the strategy around three multi-decade themes it calls the "Three Ds": digitalization, decarbonization, and deglobalization. Geographic mandate is global (North America, Europe, Asia-Pacific, and other markets), sourced and managed by Brookfield's infrastructure group. Second-pass search additionally surfaced (lower-confidence, could not independently confirm via direct-fetch of a primary document) a reported target return profile of ~13% net IRR, ~5% cash yield, and ~2.0x net equity multiple, referenced in New Mexico State Investment Council board materials as covered by Pensions & Investments-linked aggregation — flagging this as unverified rather than including it as confirmed fact.

Managed by

Brookfield Asset Management

Fund size

USD 28.0B