Brookfield Asset Management (BAM) shares fell 1.5% to $33.28 in midday trading Friday after its first-quarter earnings per share failed to meet expectations.
For the quarter ending March 31, Brookfield posted earnings of 23 cents per share, below the consensus estimate of 27 cents per share and nearly 70% below the 73 cents per share earned in the same quarter last year.
Revenues, however, came in at $5.22 billion, ahead of analysts' estimates of $4.54 billion and up about 20% year over year.
The Toronto-based asset manager focuses on real estate but also invests in other alternative assets, such as energy and private equity investments.
"We have closed $25 billion of private fund commitments for our latest round of flagship funds to date, increasing total assets under management to $240 billion," Brookfield CEO Bruce Flatt said in a statement. "With over $25 billion of dry powder and balance sheet liquidity, we are very well positioned for future investments."
Major acquisitions in the first quarter include Rouse Properties, an American REIT which owns and operates 35 malls and retail centers, which Brookfield scooped up for $2.8 billion in February; a portion of Australian port operator Asciano for $3 billion; and a majority stake in power company Isagen, which Brookfield paid $2.4 billion for when the Colombian government privatized the utility.
Brookfield said in the earnings release that it plans to fully acquire Isagen, bringing its total investment to $3.5 billion.
"Our private equity business invested more than $250 million in the debt and equity of high-quality companies when the bond markets deteriorated earlier this year," the statement added.
Despite fears of sovereign wealth funds and other large investors pulling capital out of alternative asset managers like Brookfield, the company said it has raised a record amount of funds.
"The closing of $15 billion of commitments to our private funds sets us up with a total of $25 billion of dry powder and balance sheet liquidity -- the largest amount of investable capital across our strategies that we have ever had," Flatt wrote in a letter to shareholders. "We will continue to put this money to work alongside our approximately $70 billion of discretionary equity capital to generate returns. We received nearly 300 commitments from institutional and sovereign fund partners to our three flagship funds to date, with the expectation of 50 or more before the final closes. The average commitment size was approximately $70 million with the largest ones over $500 million and some less than $25 million."
Brookfield also declared a quarterly dividend of 13 cents per share, payable on June 30 to shareholders of record as of May 31.