Brookfield’s Venture Arm Cuts Biggest Check Yet for Musk’s Twitter Buyout
(Bloomberg) -- Brookfield Asset Management Inc.'s new venture capital arm has cut its largest check to date to help finance Elon Musk's takeover of Twitter Inc.
The alternative asset manager's Brookfield Growth division piled $250 million into Musk's $7.1 billion equity raise for the deal, according to a regulatory filing Wednesday.
The check is the largest ever for the venture capital arm and a little out of step from the late-stage funding it typically provides to private tech companies -- at much smaller sums, according to a person familiar with the matter. Brookfield raised $500 million for the growth fund last November.
The financing for Musk stems from a long-standing relationship between the billionaire and Canada's largest alternative asset manager, the person said, asking not to be identified because the details aren't public.
A representative for Brookfield declined to comment, while a representative for Musk wasn't immediately available for comment.
Not only is Brookfield invested in Musk's the Boring Co., but the two are partnered on a project to build a sustainable housing development in Austin, Texas.
Brookfield, Musk's Tesla Energy and real estate developer Dacra announced the partnership, known as SunHouse at Easton Park, last year. The group said at the time that Tesla's solar panels would be installed at the homes being developed at Brookfield's Easton Park residential community.
©2022 Bloomberg L.P.
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