Brookfield (BN) Goldman Sachs U.S. Financial Services Conference summary

Business diversification and fundraising outlook

• Maintains a highly diversified platform across real estate, infrastructure, renewables, credit, and private equity, with 50 funds in the market next year.

• Raised $120 billion in 2024 and $100 billion in 2025; expects 2026 fundraising to be larger due to major funds launching.

• Diversification and operational expertise have enabled consistent fundraising success, avoiding industry-specific downturns.

AI infrastructure and capital deployment

• AI infrastructure is viewed as a multi-trillion dollar, 15-year capital formation cycle, with power supply as the critical constraint.

• Building out AI infrastructure backbone globally, with major contracts in the US, Europe, and Middle East.

• Established a dedicated AI infrastructure fund to avoid concentration in existing infrastructure vehicles.

• AI buildout impacts all business lines, including real estate, as industrial sites are converted to data centers.

• Emphasizes risk management in construction, financing, and contracting to avoid common industry mistakes.

Insurance and investment-led strategy

• Insurance business has grown from $25 billion to nearly $200 billion in assets, with a long-term goal of $500 billion.

• Focuses on minimizing insurance risk, generating float, and investing in long-term yielding assets for higher ROE.

• Employs a barbell investment approach, balancing large cash holdings with higher-return equity strategies.

• Seeks low-risk, specialized P&C opportunities leveraging operational expertise in real estate and renewables.

• Will grow P&C organically or via acquisition, aiming for float to support asset management strategies.