On March 21, 2022, Brookfield Business Partners L.P. and Brookfield Business Corporation, along with their institutional partners, announced the acquisition of La Trobe Financial, an Australian non-bank lender and asset manager, for around CAD 1.5 billion ($1.1 billion), inclusive of a contingent payment based on performance milestones. La Trobe Financial, established in 1952, boasts over CAD 11.6 billion (A$13 billion) in assets under management and serves more than 50,000 retail investors, with a significant presence in the residential property-backed loans market. Len Chersky, Managing Partner at Brookfield Business Partners, expressed enthusiasm about the expansion in Australia and highlighted plans to invest in La Trobe Financial's growth. La Trobe's 70-year history of resilience and profitability, along with its competitive edge in mortgage lending and asset management, were cited as investment highlights. The company's integrated asset management model and large distribution network offer potential for further growth and diversification. The initial investment will be financed with approximately $765 million in equity, with Brookfield Business Partners contributing about CAD 343 million ($250 million) and the remainder from institutional partners. This may be syndicated to other investors before or after the transaction's closing. The completion of the deal, expected in the second quarter of 2022, is subject to standard closing conditions and regulatory nods, including approval from Australia’s Foreign Investment Review Board.