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(Bloomberg) -- Brookfield Asset Management is seeking to raise at least $7 billion for its fourth infrastructure debt fund, according to people familiar with the matter.

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The fund, which will invest in both junior and senior infrastructure debt, will be the latest iteration of Brookfield’s existing infrastructure debt strategy. The third fund closed in November 2023 after receiving more than $6 billion in investor commitments.

That fund is substantially deployed, with data and renewables assets making up the largest chunk of allocations, according to the people, who asked not to be identified because the matter is private. The firm provided water utility firm Central States Water Resources Inc. with a debt package of $325 million, Bloomberg reported in December.

A representative for Brookfield declined to comment.

Brookfield said in its earnings call this month that its infrastructure debt fund is already the largest strategy of its kind and that the fourth iteration is expected to be meaningfully bigger than the previous fund.

As the private credit industry grows, firms are searching for new clients, including retail investors and insurance companies. Infrastructure debt in particular is a “very strong fit” for insurance clients, the company has said.

Brookfield agreed on Monday to buy the US onshore renewables business of the UK’s National Grid Plc for $1.7 billion. The asset manager also said this month that it plans to invest €20 billion ($20.9 billion) to develop data centers and AI infrastructure in France over the next five years.

Brookfield has $328 billion of assets under management across its infrastructure assets, including renewables, according to the firm’s website.

(Updates to include the CSWR deal done by the strategy and to include renewables assets in the total infrastructure AUM.)

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