According to Bruce Flatt


When times are tough, having capital that can’t be redeemed from

flighty investors is critical. A permanent war chest is the ballast of Wes Edens’ new industrial­ist vision in infrastruc­ture. He’s up against billionair­e Bruce Flatt of Canada’s Brookfield Asset Management,

who oversees an empire with $60 billion in cash to invest in Covidcrush­ed markets and permanent capital vehicles worth $100 billion, including infrastruc­ture, where Brookfield recently closed on a dedicated $20 billion fund. The cash will help it add bargains to a portfolio with 16,500 kilometers

of natural-gas pipelines and 6.6 million electricit­y and gas connection­s, 22,000 kilometers of railroad tracks, 13 port terminals and 51 data centers. “The one thing that really matters

is that a business can make it through this period intact and without undue harm,” Flatt says. “It’s usually a function of having made preparatio­ns before the tide went out.”

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