Brookfield Asset Management Ltd. (BAM) raised a record $77 billion of capital in the second quarter, a sharp acceleration from $21 billion in the first quarter, and said fee-related earnings growth had picked up to 20% from 11% a quarter earlier.

The global alternative asset manager, which oversees more than $1 trillion of assets, posted fee-related earnings of $808 million, or $0.50 a share, for the three months ended June 30, 2026. Distributable earnings were $707 million, or $0.44 a share, up 15% from a year earlier after 7% growth in the prior quarter. Net income was $1.172 billion.

Chief Executive Connor Teskey said the company delivered a strong second quarter led by private equity, infrastructure and credit, and that fee-bearing capital of $672 billion, up 19% year over year, was delivering performance above long-term targets. He said the firm expects its best year ever.

Fee-bearing capital had grown 12% year over year to $614 billion at the end of March. The second-quarter inflow was driven by flagship strategies and a large investment management mandate. The seventh vintage of the private equity flagship raised $6.7 billion, and the sixth vintage of the infrastructure flagship raised $9.3 billion; both are on track to be the largest vintages of their strategies.

The company invested $21 billion across the business and monetized $11 billion from the sale of high-quality assets.

Credit was the largest fundraising book. The firm raised $51 billion of capital, including $45 billion from Brookfield Wealth Solutions, inclusive of the $40 billion Just Group mandate, plus $6.0 billion across Oaktree and other partner managers and about $600 million for infrastructure debt. Credit deployment was $10 billion, including $1.9 billion for opportunistic credit.

Infrastructure raised $10 billion, including $7.9 billion for the flagship, which is targeting its first close this year. The firm deployed $3.3 billion in the group, including $1.7 billion for a U.S. fiber-to-the-home business and $1.0 billion of incremental funding for a U.S. semiconductor fabrication facility. In July, it monetized a portion of a data-center infrastructure platform through an IPO, raising more than $1 billion.

Energy raised $2.5 billion and deployed $1.0 billion across renewable investments. Private equity raised $8.6 billion and deployed $1.4 billion. Real estate raised $4.3 billion and deployed $5.2 billion, including the largest privately held U.S. manufactured-home portfolio and a take-private of an outdoor industrial storage portfolio.

In July, the company completed its acquisition of the remainder of Oaktree, fully integrating the credit franchise into Brookfield’s platform. Teskey said the deal strengthens the credit platform and positions the firm to capitalize on opportunities through credit cycles.

The firm also expanded its Bloom Energy partnership from $5 billion to $25 billion to finance power for AI infrastructure, expanded an AI framework agreement with the French government from €20 billion to €30 billion, and announced a $100 billion plan for an AI data-center campus at the U.S. Department of Energy’s Paducah, Kentucky, site. It formed a partnership with OpenAI to deploy enterprise AI across industrial and manufacturing businesses and was selected as AllianceBernstein’s partner to distribute real-asset strategies through target-date funds.

Uncalled fund commitments stood at $149 billion as of June 30, of which $68 billion will generate about $680 million of annual fees once deployed. Corporate liquidity was $3.1 billion. The company issued $1.0 billion of senior notes during the quarter and repurchased $200 million of BAM shares.

The board declared a quarterly dividend of $0.5025 a share, payable September 29, 2026, unchanged from the prior quarter’s declaration.

Teskey said the current environment is increasing demand for high-quality real assets and essential service businesses, and that fundraising across large, diverse pools of global capital continues to accelerate.