Strategic View: Brookfield Corp. finalized its $3 billion cash-and-stock acquisition of the remaining 26% Oaktree Capital Management stake it didn’t already own, consolidating control of a $209 billion alternative investment platform. The deal, expected to close Q1 2026, positions Brookfield as a $1+ trillion AUM manager with dominant private credit capabilities spanning distressed debt, opportunistic credit, and direct lending .
Full story: This transaction represents the culmination of Brookfield’s multi-year strategy to build a dominant private credit franchise through platform acquisition and organic growth. Brookfield initially acquired a 62% stake in Oaktree Capital Management in 2019 for approximately $4.7 billion. The October 2025 agreement to purchase the remaining 26% minority stake for $3 billion in cash and stock completes the acquisition, giving Brookfield full operational and strategic control over Oaktree’s $209 billion in assets under management .
The strategic fit between Brookfield and Oaktree has exceeded initial expectations. Oaktree, founded by distressed debt legend Howard Marks, built particular expertise in credit investing across distressed, opportunistic, and mezzanine strategies. Brookfield’s platform strength in real estate, infrastructure, and private equity complemented Oaktree’s credit capabilities, creating a comprehensive alternatives offering spanning all major asset classes. The partnership drove 75% growth in Oaktree’s AUM since 2019, validating the integration thesis .
The deal structure splits payment between Brookfield Corp. ($1.4 billion) and its investment management subsidiary Brookfield Asset Management ($1.6 billion), proportional to their existing ownership. Oaktree shareholders can elect to receive cash or shares in either Brookfield entity, providing flexibility for tax and liquidity preferences. Oaktree co-CEOs Robert O’Leary and Armen Panossian will become co-CEOs of Brookfield’s entire credit business, ensuring leadership continuity and signaling credit’s centrality to Brookfield’s future strategy .
This acquisition positions Brookfield with over $1 trillion in total AUM across real estate, infrastructure, renewable power, private equity, and credit. The credit business alone, combining Oaktree’s $209 billion with Brookfield’s organic capabilities, makes it one of the three largest private credit platforms globally alongside Apollo and Ares. For institutional investors seeking credit exposure, Brookfield can now offer everything from distressed opportunities to senior secured direct lending to real estate mezzanine—comprehensive credit solutions few competitors can match .
Summary: Brookfield’s $3 billion acquisition of Oaktree’s remaining 26% stake, completing its 2019 initial investment, creates a $1+ trillion AUM alternatives giant with dominant private credit capabilities. The deal consolidates control of Oaktree’s $209 billion platform, installs its co-CEOs to lead Brookfield’s entire credit business, and positions the combined entity among the top three global private credit managers .
Source: Bisnow – Brookfield Oaktree, Alternative Credit Investor
