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Brookfield Asset Management Chief Executive Officer Bruce Flatt listens to other speakers, during their annual general meeting for shareholders in Toronto May 10, 2012.STRINGER/CANADA/Reuters

Brookfield Asset Management has always loved turnarounds and other messy situations, and now it has $1-billion (U.S.) more to put to work investing in them.

Brookfield just closed Brookfield Capital Partners III, which is the biggest fund raised in Canada since 2010. According to peHUB Canada, which first reported the story here, the investors are mostly institutions with participation from Europe. About $250-million came from Brookfield.

It's been about seven years since Brookfield raised a special situations fund. The company's first two funds invested $1.6-billion in 15 companies, with big wins in situations such as the restructuring of steel maker Stelco Inc. It has also gotten into oil and gas business, well services, lumber, paper and bathtubs.

(Boyd Erman is a Globe and Mail Capital Markets Reporter & Streetwise Columnist.)

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