Brookfield Snaps Up DWS’s Secondaries Arm in Private Equity Push
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Brookfield Asset Management Ltd. is taking over a secondaries business from Deutsche Bank AG’s asset-management unit as part of a broader push into a growing corner of private markets.
The arrangement, which confirms an earlier report by Bloomberg News, includes the transfer of DWS Group’s seven-person secondaries team and its $550 million fund to Brookfield, the world’s second-largest alternative investment firm. Terms weren’t disclosed. Secondaries desks typically buy and sell investors’ interests in private equity and other alternative funds.