In this interview, Bruce Flatt, CEO of Brookfield, reflects on his 23-year tenure and discusses the evolution of the alternative investment industry since 2002, highlighting the increasing understanding and allocation of capital to private assets due to their performance and fundamental decision-making capabilities. He emphasizes the significant global trends of power sector transformation and the rise of AI, which require substantial investment in compute capacity, data centers, and infrastructure. Flatt also addresses the retailization of private assets, predicting a future where individual investors allocate a significant portion of their portfolios to private markets. He touches on the importance of long-term wealth creation through compounding returns, the need for careful execution in large-scale projects, and the differences between the current AI investment boom and the telecom boom of the 1990s, emphasizing the role of contracted, credit-worthy entities in the AI sector. Finally, he discusses Brookfield's acquisition of Oaktree and its impact on their credit business, as well as the consolidation occurring within the private equity industry.
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