RIYADH: Brookfield Corp. has raised approximately $2 billion in the first close of a Public Investment Fund-backed private equity vehicle targeting Saudi Arabia and the wider Middle East.
Brookfield Middle East Partners secured commitments from strategic anchor investors, including PIF and other global and regional institutional investors, according to a joint statement.
Brookfield will invest $500 million alongside its partners, although neither the size of PIF’s commitment nor the fund’s final fundraising target was disclosed.
The announcement follows the approval of PIF’s 2026-2030 strategy in April, which focuses on maximizing financial returns, improving investment efficiency, and increasing private-sector participation.
Yazeed Al-Humied, PIF’s deputy governor and head of Middle East and North Africa investments, said: “Our partnership with Brookfield is designed to help anchor international private equity into Saudi Arabia and the region.”
He added: “It will also accelerate deal flow while continuing to bring world-class expertise to the local capital market ecosystem.”
50% earmarked for Saudi Arabia
The fund will invest across the Middle East, focusing on high-growth Gulf Cooperation Council markets, and targeting the allocation of 50 percent of its investments to Saudi Arabia.
PIF said its assets under management had increased from $150 billion in 2015 to more than $900 billion in 2025. It also invested more than $199 billion in new projects in Saudi Arabia between 2021 and 2025.
The sovereign wealth fund said the investment forms part of its efforts to deepen and diversify the Saudi capital market by partnering with international investors, widening financing options for local companies, and supporting the introduction of new financial products.
BMEP will pursue buyouts, minority growth-equity transactions, and other investment opportunities across financial, business and consumer services, industrials, technology, and healthcare.
Regional expansion
“Brookfield has been active in the Middle East for nearly three decades, and we bring deep local investment expertise, local networks and an owner-operator approach to transforming high-quality businesses,” said Bruce Flatt, CEO of Brookfield Corp.
The Toronto-based alternative asset manager said it has directly invested in the GCC since 2015 and has built a regional portfolio of more than $16 billion in managed assets across private equity, real estate, and infrastructure.
As part of the initiative, the company will make the Brookfield Academy available in Saudi Arabia. Founded in 2019, the academy provides interactive learning opportunities for professionals working with Brookfield’s partners.
