One of Canada's largest asset managers is being accused of misleading limited partners in some of its private funds, as part of a wrongful termination suit brought by a Silicon Valley investor who led its growth equity business until last November.

Why it matters: The complaint alleges that maintaining AUM was valued over the best interests of those supplying the A, which has long been a tacit worry of LPs investing with publicly traded firms.
Driving the news: The plaintiff is Josh Raffaelli, who joined Brookfield in 2017 to build its venture capital program.

Zoom in: Raffaelli argues in his complaint that a market downturn in commercial real estate, which is Brookfield's core business, caused the firm to quietly pull back on its GP commitments to the venture capital funds (and also to larger private equity funds that Raffaelli didn't manage).

stocks.apple.com: One of Canada's largest asset managers accused of misleading investors