Brookfield Asset Management (BAM) is launching a new artificial intelligence infrastructure fund, targeting to raise $10B in equity, executives told The Wall Street Journal.
The asset manager has already raised $5B from investors including Nvidia (NVDA) and sovereign wealth fund Kuwait Investment Authority, as well as from Brookfield’s (BAM) own balance sheet.
The fund will be used to build and acquire as much as $100B worth of AI infrastructure, including data centers, power providers and semiconductor manufacturing. A majority of the capital would go to projects that involve building from scratch on undeveloped land.
Last month, the fund signed a $5B partnership with Bloom Energy (BE) to install power in data centers. Brookfield (BAM) also has partnerships with the French and Swedish governments to create dedicated AI infrastructure for those countries.
“We estimate that AI-related infrastructure investments will exceed $7T over the next decade,” Connor Teskey, Brookfield’s (BAM) president, said in an earnings call earlier this month.
“Brookfield’s unique position, owning and operating across the full energy and digital infrastructure value chain, gives us a tremendous advantage in capturing this opportunity,” he added.