(Bloomberg) — Brookfield Asset Administration Inc. mentioned it plans to lift $100 billion for its subsequent spherical of flagship funds after it delivered first-quarter earnings buoyed by share gross sales and asset divestitures.The Toronto-based various asset supervisor offered $13 billion of belongings in the course of the quarter, leading to $6.4 billion in revenue for Brookfield and its shoppers, the corporate mentioned Thursday. Brookfield’s share amounted to $1.8 billion. Chief Government Officer Bruce Flatt referred to as it an “distinctive” consequence.“Within the present low interest-rate setting, demand for the kind of belongings we personal is powerful,” Flatt mentioned in a letter to shareholders. “Lots of our companies are important infrastructure belongings which can be underpinned by long-dated, contracted or regulated money flows. With the capital markets being extremely accommodative, we have now been monetizing belongings.”Throughout the quarter, Brookfield took public its Shoals Applied sciences Group Inc. photo voltaic merchandise enterprise, offered a life-sciences actual property portfolio and accomplished two secondary choices of shares in Graftech Worldwide Ltd. It additionally unloaded a portion of its holdings in Brookfield Renewable Corp. and West Fraser Timber Co., a Canadian agency that’s having fun with the advantage of hovering lumber costs.Flatt mentioned the mix of sturdy markets and asset gross sales means there’s sufficient capital available for its deliberate $6.5 billion privatization of Brookfield Property Companions LP, and the repurchase of its personal shares, to absorb a few of the new fairness being issued within the transaction.Brookfield mentioned it had a document quarter, with its funds from operations reaching $2.8 billion and its distributable earnings hitting $2.5 billion. Complete belongings underneath administration grew to $609 billion.The corporate has about $80 billion in capital accessible, Flatt mentioned within the letter, together with $18 billion by itself stability sheet. Brookfield has began elevating cash for its fourth flagship actual property fund and its new World Transition Fund, which is able to give attention to environmentally and socially accountable investments.It’s additionally within the midst of closing a brand new debt fund and goals to launch new infrastructure and personal fairness funds within the subsequent 12 months as a part of its plan to lift $100 billion throughout its flagship funds, Flatt mentioned.“The sustained low interest-rate setting mixed with establishments’ must earn returns from options has created a really constructive fundraising setting,” Flatt mentioned.Brookfield stays assured that industrial actual property will rebound as Covid-19 vaccinations take maintain. Flatt mentioned he believes many individuals survived within the brief time period with out an workplace, however in the long term most corporations gained’t prosper with out the interplay that comes from folks working in shut proximity to 1 one other.“The tone out there for industrial property belongings may be very detrimental for the time being. Actual property shares have been buying and selling as if no firm will ever occupy an workplace once more, no individual will ever set foot in a retailer and no one will ever journey once more, for both enterprise or leisure,” Flatt wrote. “We don’t imagine that any of those would be the case, and so we’re investing accordingly.”‘Outsized Good points’Andrew Kuske, an analyst with Credit score Suisse, mentioned he expects Brookfield’s transactional exercise to speed up within the again half of 2021 and into 2022.“On stability, the quarter is optimistic on continued progress within the underlying asset administration enterprise together with the validation of previous investments with outsized features being realized — even with some working weak point,” Kuske mentioned in a observe to shoppers.Flatt mentioned he believes there’s a chance to select up infrastructure belongings as a result of governments have borrowed closely to launch stimulus applications to fight the pandemic. That might open a chance for presidency infrastructure belongings to come back to market to lift funds.Brookfield shares had been up 1.2% to $45.28 at 11:59 a.m. in New York.For extra articles like this, please go to us at bloomberg.comSubscribe now to remain forward with essentially the most trusted enterprise information supply.©2021 Bloomberg L.P.