Brookfield sells minority La Trobe stake for $3bn

Brookfield's private equity business has sold its significant minority stake in La Trobe Financial to Asia-focused private equity investment manager Axight for $3 billion.

Brookfield owned La Trobe Financial since May 2022 and will remain the majority shareholder following the transaction where Axight acquired a minority stake through its managed vehicle.

Axight is an Abu Dhabi-based private equity investment manager focusing on investing across the Asia Pacific region. Axight was established by Lunate, a global investment firm with over $160 billion (US$115bn) in assets under management (AUM).

Brookfield head of Australia's private equity group Shiv Gupta said the group has high conviction in La Trobe's long-term value.

"The business has added $3 billion in AUM during the last 12 months alone and with structural tailwinds - including an ageing population, growing superannuation balances and an estimated $7.5 trillion in household financial assets - the opportunity ahead is significant," Gupta said.

"We are pleased to welcome Axight and together will work alongside management to help La Trobe Financial execute on its strategy of delivering consistent, risk-aware returns to investors and reliable, specialist credit solutions to borrowers."

Axight co-managing partners Mujtaba Hussain and Jerry He added: "We look forward to partnering with Brookfield to support the next phase of growth at La Trobe Financial, leveraging its scale, origination capabilities, and diversified funding model. This transaction reflects our strategy on partnering with high-quality platforms underpinned by strong fundamentals, resilient business models, outstanding management teams and clear pathways for long-term value creation."

La Trobe grew AUM from $14 billion to $23 billion over the past four years.

Brookfield said by drawing on its operating expertise, the business launched several new products, including a listed investment trust on the ASX, and continues to expand its product offering.

"It has significantly invested in improving its systems, which has resulted in deeper engagement with investors, better service to clients, and improved efficiencies," Brookfield said.

The transaction is subject to customary regulatory approvals and is expected to close in Q3 2026.