Brookfield Completes Full Acquisition of Oaktree: $11.5B Deal Finalized August 2026

Brookfield Asset Management completed its full acquisition of Oaktree Capital Management on August 3, 2026 , marking the final step in a seven-year partnership that creates one of the world’s largest alternative asset management platforms. The deal makes the United States Brookfield’s largest market and expands its global credit footprint to $365 billion in assets under management .

Deal Background: From Majority Stake to Full Ownership

The partnership began in March 2019, when Brookfield agreed to acquire a 62% majority stake in Oaktree for approximately $4.7 billion . That initial transaction closed on September 30, 2019, with Oaktree’s founders and certain management retaining a 38% stake . At the time, the combined firms managed roughly $475 billion in assets .

In October 2025, Brookfield announced it would acquire the remaining 26% of Oaktree for roughly $3 billion, valuing the firm at about $11.5 billion . The purchase was split between Brookfield Asset Management (approximately $1.6 billion) and its parent company, Brookfield Corporation (approximately $1.4 billion) . The transaction closed on August 3, 2026, making Oaktree a wholly owned subsidiary of Brookfield .

Brookfield noted that since the initial 2019 investment, Oaktree’s assets under management had grown by 75% .

Combined Credit Platform: $365 Billion in AUM

With full ownership, Brookfield’s global credit platform now stands at $365 billion in assets under management, combining Oaktree’s distressed-debt and opportunistic credit expertise with Brookfield’s scale . The deal deepens Brookfield’s presence in private credit, one of its fastest-growing divisions .

Leadership Structure

Brookfield and Oaktree announced the following leadership roles for the combined entity :

• Connor Teskey — CEO of Brookfield Asset Management.
• Bob O’Leary and Armen Panossian — Co-CEOs of Brookfield’s Credit Group.
• Howard Marks — Co-Chair of Oaktree, in addition to his role as a Director of Brookfield Corporation and Chair of Brookfield’s Investment Solutions Group.
• Bruce Karsh — Co-Chair of Oaktree and Oaktree’s Chief Investment Officer, portfolio manager for Global Opportunities and Global Credit strategies.

Impact on Brookfield’s U.S. Presence and Broader Reach

The acquisition makes the U.S. Brookfield Asset Management’s largest market :

• Over 60% of Brookfield Asset Management’s employee base is now in the U.S. .
• The U.S. accounts for nearly half of Brookfield Asset Management’s revenue .
• It deepens Brookfield’s long-standing commitment to investing in the U.S. economy, while Oaktree’s platform in 18 countries broadens Brookfield’s global credit reach .

Oaktree also indirectly brings ownership of Inter Milan (the Italian soccer club), which Oaktree took control of in May 2024 after a loan default by the club’s previous owners .