Mr. Jeh Vevaina reports

GCM GROSVENOR'S INFRASTRUCTURE ADVANTAGE STRATEGY ACQUIRES EQUITY INTEREST IN BROOKFIELD'S SHEPHERDS FLAT

GCM Grosvenor's infrastructure advantage strategy has acquired a 25-per-cent equity interest in Shepherds Flat, the largest repowered wind farm in North America, from Brookfield Asset Management and its institutional partners, including its listed affiliate Brookfield Renewable.

Shepherds Flat, located in north central Oregon, is a fully contracted 338-turbine wind farm with a nameplate capacity of 845 megawatts (MW). The wind farm produces in excess of 2,000 gigawatt hours (GWh) of electricity annually, which is enough to power approximately 185,000 average United States households and is fully supported by a long-term contract with a large-scale utility.

"We believe Shepherds Flat presents a rare opportunity to invest in a high-quality, hard-to-replicate, sustainable infrastructure asset alongside an experienced owner, operator and developer of clean power," said GCM Grosvenor managing director Matt Rinklin. "The infrastructure advantage strategy is pleased to invest in contracted renewable power generation in the Pacific Northwest energy market. We are confident we can deliver long-term value to our investors through this strategic acquisition."

Brookfield Renewable, a global platform for renewable power and decarbonization solutions, acquired Shepherds Flat in 2021. A comprehensive repowering which materially increased the wind farm's generation capacity was performed under Brookfield Renewable's ownership, enhancing the plant's operational efficiency and substantially extending its life span.

"We are excited to partner with GCM Grosvenor while maintaining exposure to this high-quality asset that provides essential clean energy to customers throughout the Pacific Northwest. We continue to see opportunities to further enhance value at Shepherds Flat and are thrilled to be working with GCM," said Jeh Vevaina, managing partner, Brookfield Asset Management.

GCM Grosvenor's investment in Shepherds Flat was completed through its infrastructure advantage strategy, which seeks to generate high-quality risk adjusted returns through alignment with key stakeholders, including union labour. As part of the transaction, the Shepherds Flat partnership has adopted a responsible contractor policy which will apply to any material construction work at the site.

Thorndike Landing LLC acted as financial adviser and Kirkland & Ellis LLP acted as legal adviser on the transaction for GCM Grosvenor. BMO and Wells Fargo acted as financial adviser and King & Spalding LLP acted as legal adviser on the transaction for Brookfield.

About Brookfield Asset Management Ltd.

Brookfield Asset Management is a leading global alternative asset manager with approximately $1-trillion of assets under management. It invests client capital for the long-term with a focus on real assets and essential service businesses that form the backbone of the global economy. It offers a range of alternative investment products to investors around the world -- including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies, and private wealth investors.