Brookfield wins $1bn Nuclear Liabilities Fund multi-decade mandate

The UK's nuclear decommissioning fund backs Brookfield's global alternatives platform in a long-horizon capital partnership spanning infrastructure, energy and real

By Disrupts Editorial Team Mon, 14 September 2026 AI level 2 of 5

AI level 2 of 5: drafted by our AI editorial assistant from the company's announcement; fact-checked, edited and signed off by Mark Walker, Editorial Director. What the levels mean

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Brookfield Asset Management has been appointed by the Nuclear Liabilities Fund (NLF) to manage a multi-asset, long-term investment mandate with an initial commitment of $1bn (approximately £750m). The mandate, structured to compound capital over decades rather than return it periodically to the fund, will be deployed across Brookfield's infrastructure, energy, private equity, real estate and private credit strategies.

The NLF, established in 1996 as an independent ring-fenced vehicle, exists for a singular and unusually long-dated purpose: to meet the full decommissioning costs of eight UK nuclear power stations, a programme expected to run into the next century. To date, around £3bn in decommissioning costs have already been paid. The new Brookfield arrangement is designed to ensure the fund's assets grow in line with liabilities stretching out over multiple generations, without placing undue burden on UK taxpayers.

Long horizons meet alternative capital

The mandate will be managed by Brookfield's Investment Solutions Group (ISG), a division chaired by Oaktree Co-Chairman Howard Marks and led by Alper Daglioglu. ISG specialises in building bespoke portfolios for institutional clients with unusual liability profiles, drawing on Brookfield's full investment capability set rather than routing capital through a single off-the-shelf fund product.

Daglioglu described the arrangement as a structural opportunity: "NLF has an exceptionally long investment horizon, and that creates an opportunity to invest differently. Our partnership is built on a shared belief in long-term thinking, disciplined capital allocation and the power of compounding over decades." The portfolio is designed to reinvest proceeds rather than distribute them, keeping capital working through multiple market cycles.

NLF Chief Executive Melissa Hope cited Brookfield's "depth of global investment capability, long-term perspective and disciplined approach to portfolio construction and governance" as the decisive factors in what she described as a competitive selection process. Brookfield manages more than $1 trillion in assets under management globally, spanning the same infrastructure and real assets classes most relevant to a long-duration liability fund.

Convergence of sovereign-style capital and real-asset infrastructure

The NLF mandate sits within a broader structural trend that cross-sector investors should map carefully. Quasi-sovereign funds with extremely long liability horizons, such as nuclear decommissioning vehicles, pension endowments and national insurance pools, are increasingly migrating out of liquid public-market strategies and into diversified alternatives platforms that can compound private-market returns over decades. Brookfield, with its deep exposure to infrastructure and energy transition assets, is positioning itself as a preferred counterparty for precisely this segment.

For the energy and sustainability convergence, the implications extend beyond the immediate capital allocation. The NLF mandate implicitly prices in the long economic tail of nuclear power: decommissioning is not a single event but an engineering, environmental and financial project spanning generations. As several European governments revisit nuclear as a low-carbon baseload option and UK policy signals suggest possible new-build programmes, the financial architecture required to manage nuclear's full lifecycle is attracting renewed institutional attention. The structures being built today around legacy stations inform how capital will eventually be mobilised for next-generation plants, including potential small modular reactor (SMR) programmes.

Geopolitically, the preference for a large globally diversified alternatives manager, rather than a domestic-only UK investment vehicle, reflects the practical reality that a fund with liabilities stretching a century needs diversification across geographies, currencies and asset classes that no single sovereign market can provide. Brookfield's infrastructure exposure spans North America, Europe, Asia and the Middle East, giving the NLF implicit access to long-duration real assets in multiple regulatory regimes. That is a template other European decommissioning and sovereign-liability funds are likely to study.