38-Year-Old CEO Takes Over At Brookfield Asset Management After Record Fundraising Year
Connor Teskey has officially taken the helm at Brookfield Asset Management.
The 38-year-old’s appointment, which had been telegraphed since at least 2024, was approved by the company’s board of directors and announced Wednesday.
“I'm honored to be assuming this new role, especially at such an exciting time in BAM's growth story,” Teskey said on the company’s quarterly earnings call. “With Bruce's support, and the incremental approach to transition we have been taking for years, we are already fully operating under our new structure.”
BAM posted a record fundraising year, though it finished 2025 as a net seller of real estate assets.
Teskey joined BAM in 2012 and was named president of the company in 2022.
Bruce Flatt will continue in his role as CEO of Brookfield Corp., which is the majority owner of BAM. Teskey is poised to eventually take over that role as well, but the process will be gradual. Flatt told Bloomberg in 2024 that the larger transition will happen whenever it is natural and clients, business partners and people inside are 100% comfortable with the move.
BAM raised $112B in 2025 and $35B in the fourth quarter, with $13.3B in real estate commitments on the year and $2.3B in Q4. The company completed final closings above targets for two of its major flagship funds, its real estate and global transition offerings, the largest funds in their respective series.
“These fundraisers are particularly important given where we are in the cycle,” Teskey said on the earnings call. “In real estate, we have significant dry powder at a point in the cycle where we're seeing attractive entry points, particularly in larger, high-quality assets where there are a limited number of players with scaled available capital.”
BAM deployed $1.8B into real estate investments in the fourth quarter, primarily in logistics and hospitality. It also sold $2.6B of assets in Q4, including the sale of 90 manufactured housing communities in the U.S., a business park in India and a logistics center in South Korea.
For the year, the asset manager deployed $7.5B in CRE while disposing of $10B.
Within its infrastructure business, the company raised $7B, including $5B for its artificial intelligence infrastructure fund with a target size of $10B. BAM expects the fund to close in the coming months.
“There is no question: The bottleneck to AI growth today is not capital, it is not demand, it is electricity supply,” Teskey said. “Our ability to bring unique solutions beyond just simply flowing power through the grid is a key differentiator.”
Teskey said the company’s investments in Bloom Energy and longer-term ability to use nuclear solutions through Westinghouse gives BAM the ability to hook up energy sources directly to data center complexes and not be restricted by the growth of the grid.
BAM Chief Financial Officer Hadley Peer Marshall said on the earnings call the company’s flagship funds have ample liquidity to be active. She pointed to the asset manager’s $1.2B deal earlier this week to acquire Peakstone Realty Trust, a REIT with 60 industrial outdoor storage properties and 16 traditional industrial assets.
BAM and its parent company also agreed to a roughly $3B deal in October to acquire the remaining quarter of private credit company Oaktree Capital Management it didn’t already own. Oaktree has $14B in assets under management in its real estate strategy.
“We always want to be in a position where we've got liquidity to take advantage of the environment that we're in,” Peer Marshall said.
