Brookfield Asset Management has raised roughly $2 billion for a Middle East-focused private equity vehicle backed by Saudi Arabia’s Public Investment Fund, one of the world’s largest sovereign wealth funds.

The fund, called Brookfield Middle East Partners (BMEP), will direct half its total capital toward investment opportunities specifically within Saudi Arabia. The other half targets the broader Middle East region, covering sectors like industrials, business and consumer services, technology, and healthcare.

How the deal came together

The partnership traces back to October 30, 2024, when PIF and Brookfield signed a non-binding memorandum of understanding at the Future Investment Initiative conference in Riyadh. PIF committed to serve as the strategic anchor investor for BMEP, essentially giving the fund both credibility and a substantial capital base from day one.

BMEP is targeting $2 billion in total commitments from multiple investors, not just PIF. The fund’s investment strategies will include buyouts and structured funding solutions. Capital commitments were referenced under a limited partnership agreement as of August 2025.

Brookfield’s decision to expand its Riyadh office as part of the BMEP initiative also matters, with the firm focusing on the development of local talent as part of its commitment to Saudi Arabia’s economic ambitions.