Brookfield Doubles Down on Credit With $3 Billion Oaktree Takeover

Brookfield BN could be setting the stage for one of its biggest credit power plays yet. The Canadian alternative asset titan is reportedly in advanced talks to acquire the remaining 26% stake in Oaktree Capital Management for about $3 billion, according to people familiar with the deal. That figure implies a total valuation near $11.5 billion for Oaktree, whose assets under management have surged 75% since Brookfield first took a controlling stake six years ago. The transaction, which could be announced as soon as Monday, is expected to close early next year and add to Brookfield's earnings profile, deepening its presence across the U.S. market.

For Brookfield, the move isn't just another acquisitionit's the next chapter in its evolution from a real-asset heavyweight into a full-spectrum alternatives powerhouse. The company's initial $4.7 billion investment in Oaktree proved transformational, giving Brookfield a strong foothold in credit markets just as distressed and private lending strategies began to dominate investor demand. This follow-up deal could further cement Brookfield's position alongside industry giants like BlackRock, which recently spent more than $20 billion combined on Global Infrastructure Partners and HPS Investment Partners to expand its own alternatives platform.

The integration will also bring tighter leadership alignment. Oaktree co-founders Howard Marks (Trades, Portfolio) and Bruce Karsh will remain influentialMarks will stay on Brookfield Corp.'s board, while Karsh joins the asset management arm's board. Oaktree co-CEOs Robert O'Leary and Armen Panossian will step up to lead Brookfield's global credit business, steering a platform that's rapidly becoming a growth engine for the group. Brookfield Asset Management will fund roughly $1.6 billion of the acquisition, with Brookfield Corp. covering the balance. Once complete, the deal could make the U.S. Brookfield's single most dominant marketaccounting for more than half of its employees, half of its revenue, and, possibly, the majority of its next growth cycle.