Fidelity Canada inks private real estate partnership with Brookfield

• Fidelity plans to allocate the portfolio to a number of Fidelity Private Investment Pools
• It will also explore other related opportunities for investors
• The partnership with Brookfield will enable Fidelity to continue enhancing existing strategies, build out its alternative investment suite and broaden its overall capabilities

Fidelity Investments Canada has agreed to partner with Brookfield Asset Management in a newly formed portfolio of Canadian private real estate assets. Brookfield will invest in and manage the portfolio. No financial terms were disclosed.

Fidelity plans to allocate the portfolio to a number of Fidelity Private Investment Pools and actively explore other related opportunities for investors.

The partnership with Brookfield will enable Fidelity to continue enhancing existing strategies, build out its alternative investment suite and broaden its overall capabilities, the firm said in a statement.

“Fidelity has a long history of harnessing our global resources and augmenting these with external expertise where it makes sense to bring innovative, actively managed strategies for clients,” said Andrew Wells, president and head of Fidelity Canada. “Brookfield is a respected global organization with an impressive track record in private real estate, and we are pleased to work collaboratively with them to add another tool in our toolbox, as we plan to expand our offerings and build a new private real estate market portfolio.”

Fidelity is a Toronto-based investment management firms overseeing C$202 billion in assets as of July 7, 2023.

With its headquarters in Toronto, Brookfield is an alternative asset manager with more than $825 billion of assets under management.