Brookfield Asset Management CEO Bruce Flatt estimates that roughly 7,000 private equity firms operate in the U.S. and that the industry has room for fewer than half that amount. Photo by Aaron Vincent Elkaim/National Post/Postmedia files

After taking the lead at Brookfield Asset Management Ltd.’s buyout unit last year, Anuj Ranjan, an almost two-decade veteran of the firm, laid out a surprising goal.

Despite the worst fundraising environment in years, Ranjan, 46, pledged to triple the unit’s fee-bearing assets in the next five years.

He’s not on pace to hit that target. Since Ranjan took over as chief executive officer of the unit early last year, its fee-bearing assets rose by only $US3 billion to US$43 billion as of June 30.

But he stands by his objective. He’s confident th

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