Brookfield Private Equity Arm Sells Stakes to Fund for Wealthy

Brookfield Business Partners is planning to sell part of its interests in three portfolio companies to a new private equity fund for wealthy individuals that will be run by Brookfield Asset Management.

The buyout arm of the Brookfield group will receive units of the new fund valued at approximately $690 million, for an 8.6% discount to the net asset value of the holdings, the firm said in a statement Thursday.