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Tricap Partners
Connor Teskey leads Tricap Partners, Brookfield's special-situations fund targeting turnarounds and restructurings with an operating-intensive approach.
Tricap Partners
Tricap Partners was formed as the special-situations and restructuring vehicle embedded within Brookfield, the Toronto-based global investment giant. The firm traces its operational DNA back to Brookfield's century-long history of owning and operating hard assets, but Tricap explicitly targets companies in distress—buyouts, recapitalizations, and turnarounds where traditional capital has retreated. It does not function as a standalone entity; its deal teams draw on Brookfield's 240,000 operating employees and deep regional partnerships to rehabilitate businesses. The strategy spans buyout, growth, PIPE, and public-to-private transactions, with an emphasis on restructuring and reorganization. Asset classes include private equity, private credit, and infrastructure-adjacent industrials. Tricap participates in direct control investments and co-investments. Confirmed geographic coverage includes North America and Europe. The platform's edge comes from Brookfield's operating playbook: inserting experienced operators into portfolio companies to overhaul supply chains, recalibrate capital structures, and reset management teams—an approach Brookfield CEO Connor Teskey recently detailed on "The Knowledge Project" podcast. Total deployment figures are not publicly disaggregated from Brookfield's consolidated numbers. The firm operates from Toronto with investment professionals integrated across Brookfield's global offices. Adjacent vehicles include Brookfield's flagship infrastructure, real estate, private credit, and insurance solutions arms, which collectively manage over $1 trillion. In May 2024, Brookfield Asset Management appointed Connor Teskey as CEO, placing the Tricap-affiliated executive in charge of the entire public entity alongside his ongoing oversight of the private equity and restructuring platforms. Tricap's structural differentiator is its position inside an asset-heavy owner-operator, not a standalone fund. Most special-situations managers lack access to a 240,000-person operating workforce and century-deep sector expertise in power, logistics, and real assets. Tricap can acquire a broken industrial business and immediately plug it into Brookfield's operational ecosystem—a capability that transforms the restructuring thesis from financial triage to genuine industrial rehabilitation.
General information
Firm type
Private Equity
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
Canada
City
Toronto
Corporate office
Toronto, Canada
Principals
Connor Teskey
CEO
Sector focus
Frequently asked questions
Who runs investment decisions at Tricap Partners?
Connor Teskey was appointed CEO of Brookfield Asset Management in May 2024 and previously led the private equity group that includes Tricap. Investment decisions are made by dedicated private equity teams drawing on Brookfield's operating professionals across sectors. The firm does not disclose a standalone Tricap investment committee.
Is Tricap Partners structured as a single family office or does it operate like a traditional private equity fund?
Tricap Partners is a private equity platform within Brookfield Asset Management, not a family office. It targets control-oriented special-situations and turnaround investments using Brookfield's permanent capital base and institutional fund vehicles. The platform operates alongside Brookfield's flagship infrastructure, real estate, and credit funds.
Does Tricap Partners participate in fund commitments or only direct deals?
Tricap executes direct control investments, co-investments, and select PIPE and public-to-private transactions. It does not operate as a fund-of-funds. Brookfield's broader platform raises institutional funds, and Tricap deploys capital from those vehicles directly into operating companies.
What investment stages does Tricap Partners typically target?
Tricap targets distressed, underperforming, or orphaned businesses across buyout, turnaround, restructuring, recapitalization, and public-to-private situations. The firm also pursues growth-stage investments and early-stage positions when tied to broader industrial or infrastructure themes, though restructuring remains the core focus.
Which sectors does Tricap Partners explicitly avoid?
Tricap does not publicly maintain an exclusion list, but its parent Brookfield concentrates on real assets, infrastructure, and industrial businesses. The platform is unlikely to pursue venture-stage technology, pure-play life sciences, or consumer internet where Brookfield lacks operational leverage.
How does Tricap Partners source proprietary deal flow?
Sourcing relies on Brookfield's global network of operating businesses, regional partnerships, and corporate relationships. Distressed corporate carve-outs, lender-driven restructurings, and direct negotiations with family- or founder-owned industrial companies form the pipeline. The firm's ability to close complex transactions without financing contingencies gives it an advantage in proprietary situations.
Where does Tricap Partners' underlying capital come from?
Capital is drawn from Brookfield's institutional fund investors, including pension funds, sovereign wealth funds, endowments, and insurers, as well as Brookfield's own permanent capital base. Tricap is not backed by a single family or individual fortune.
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