Brookfield Built Wealth Fund With Companies Making Lenders Wary

Brookfield Asset Management didn’t have to look far to seed a buyout fund for wealthy individuals.

The Brookfield Private Equity Fund acquired its first stakes in companies from the asset manager’s own listed vehicle, including CDK Global, BrandSafway and DexKo Global, according to a July statement. The transaction was heralded as creating “an immediate diversified seed portfolio,” while handing Brookfield Business Partners shares in the wealth fund to align interests.

Just weeks after its October launch, those three companies are facing intensified scrutiny from their lenders. That’s raising questions about their equity value — and about ...