The Globe and Mail reports in its Friday edition that the private-equity arm of Brookfield Asset Management will sell stakes worth $690-million (U.S.) in three of its portfolio companies to a new fund the company plans to launch later this year. The Globe's James Bradshaw writes that Brookfield Business Partners is selling a 12-per-cent stake in vehicle-parts maker DexKo Global to the new fund, along with 7 per cent of dealer software and technology company CDK Global LLC, and a 5-per-cent interest in construction and civil engineering company BrandSafway. The new fund will be an evergreen private-equity strategy -- an open-ended fund with no fixed end date that periodically allows investors to buy in or sell their holdings. It will be run by Brookfield Asset and aims to tap into a trend of giving wealthy investors a chance to buy into private-equity deals alongside traditional funds that have typically been the domain of large institutions, with chances to cash out early. Other major global investors have launched similar funds, such as Blackstone Group's private-equity strategies fund, known as BXPE. Brookfield's sale of the stakes in its portfolio companies allows it to seed the new fund with initial investments.