Brookfield snaps up DWS’ private equity business

The transaction received all regulatory nods and was completed on 30 January.

  • The deal includes the transfer of the team and PES I fund
  • DWS will remain an investor in PES I
  • Brookfield’s private equity platform manages $121bn assets

Brookfield Asset Management has acquired DWS Group’s Private Equity Solutions (PES) business.

The transaction received all regulatory nods and was completed on 30 January. The terms of the transaction were not disclosed.

The PES business was founded in 2017 with a focus on mid-life opportunities in existing sponsor-backed companies to support organic growth, add-on and M&A activities.

Further, the agreement also transfers DWS’ team and the Private Equity Solutions I (PES I) fund, which will continue to be managed by the team. DWS will also continue to invest in PES I.

“Brookfield Asset Management is a global player in private equity and a natural home for the PES business,” said Stefan Hoops, CEO at DWS. “Alternatives remains a priority growth area for DWS and this transaction allows us to focus on and fund new initiatives in our key areas of strength, including our strong real assets franchise and growing private debt business.”

Additionally, DWS has appointed Paul M Kelly who will join the firm from Blackstone in February as global head of its €126 billion alternatives franchise.

The firm also aims to raise up to €20 billion of capital by 2027 to support European Transformation, according to the release.

DWS is an asset management firm headquartered in Frankfurt, Germany.  The firm managed €833 billion of assets as of 30 September.

Brookfield, headquartered in Toronto, Canada, is a global alternative asset manager. Its private equity platform has $121 billion assets under management.