Brookfield Enters PE Secondaries Market with $5B Fund

Brookfield Secondary Opportunities Fund I has held its first close at $3.2 billion, with a final close targeting $5 billion expected by Q3 2026. The fund marks Brookfield's formal entry into the secondary PE market, a space long dominated by specialists like Ardian, Lexington Partners, and Coller Capital.

Leveraging the Brookfield Platform

Brookfield's approach to secondaries will leverage its existing $950 billion asset management platform, focusing on LP portfolio acquisitions in infrastructure, real estate, and credit funds where Brookfield has deep sector expertise. The firm plans to target portfolios where its operational knowledge provides an information advantage in underwriting.

"We see LP secondary pricing at 85-92 cents on the dollar for quality portfolios, which represents a compelling entry point when combined with our ability to independently assess underlying asset values," said Sachin Shah, CEO of Brookfield's alternatives business.

Market Opportunity

The global PE secondary market reached $152 billion in transaction volume in 2025, according to Greenhill data, making it one of the fastest-growing segments of alternative investments. LP-led transactions accounted for 55% of volume, with pricing for buyout fund stakes averaging 91% of net asset value.

Brookfield is entering a crowded field but brings several structural advantages: its multi-asset platform allows cross-referencing of underlying portfolio companies, its balance sheet can co-invest alongside the fund, and its existing GP relationships across real assets create proprietary deal flow. The firm has hired 18 secondaries specialists from firms including Goldman Sachs, Lazard, and HarbourVest.