Publicly-traded alternative asset managers — fee-related-earnings cohort plus the Brookfield parent. Brookfield axis: BAM (Brookfield Asset Management — fee-light spinout, ~$540B FBE AUM, FRE-growth thesis), BN (Brookfield Corporation — capital-heavy parent, $267B corporate debt, ~30-50% SOTP discount to analyst-consensus NAV). Comp set (US alt-managers): BX (Blackstone — largest pure-play AUM), KKR, APO (Apollo), ARES (Ares — credit-heavy), OWL (Blue Owl — direct lending + GP stakes), TPG, CG (Carlyle). Created 2026-05-26 via BAM/BN watchlist coverage decision (research/deep-dives/2026-05-26-bam-deep-dive.md → TASKS-RESEARCH.md:45 follow-up). Pre-this-decision: zero coverage of alt-managers anywhere in the system. Three reasons to track as a cohort: (1) AI-power-bottleneck adjacency — BAM/BN own BIP+BEP which hold the underlying data-center + renewable-PPA assets (MSFT $10B PPA at BEP, BIP's Compass Datacenters / Cyxtera stake); (2) rate-sensitivity regime tell — alt-managers historically run +30-50% in 100-150bp cut windows, cohort-wide; (3) fee-related-earnings comp set — FRE multiples diverge wildly (BAM 22x fwd vs APO 13x fwd) and the spread is itself…