Brookfield Sets $5 Billion to Back Retail

Brookfield Asset Management has launched a new $5 billion program to provide capital and assist with the recapitalization of retail businesses with operations in the markets in which Brookfield operates globally.

The new program, officially named the Retail Revitalization Program (RRP), will focus on retail businesses that have $250 million or more in revenue and have been operating for at least two years. The RRP will be funded by Brookfield and its institutional partners and will focus on non-control investments in retail businesses to assist with their capital needs during the current pandemic.

Leading the RRP is Ron Bloom, managing partner and vice-chairman of Brookfield’s private equity group. Mr. Bloom joined Brookfield in July 2016 after serving as the vice-chairman of U.S. investment banking at Lazard from 2012 to 2016. Earlier in his career, beginning in 2011, he was the Assistant to the President for Manufacturing Policy under President Obama; and from 2009 to 2011 he was the Senior Advisor to the Secretary of the Treasury, Timothy Geithner, where he helped lead the restructuring of General Motors and Chrysler, and then led the Treasury’s oversight of the companies in the following years, including GM’s initial public offering in 2010.

“This initiative is being designed to assist medium-sized enterprises in getting back on their feet. We believe this is a critical component to getting the economy moving again, and we would like to partner with companies and entrepreneurs that can draw on our capital and expertise to stabilize and grow their business,” said Mr. Bloom.

In addition to capital, Brookfield intends to make available its resources and expertise as one of the largest global investors in both real estate and private equity, with a focus on supporting long-term business performance. “We look forward to contributing capital and expertise to support the retail sector through this time and position businesses for long-term success,” added Mr. Bloom.

Brookfield Asset Management (NYSE: BAM) is an alternative asset management company with a focus on real estate, renewable power, infrastructure and private equity. The company, with $515 billion in assets under management, is headquartered in Toronto with additional offices in New York City, London, Rio de Janeiro and Sydney.

Private Equity Professional | May 12, 2020

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