Brookfield Asset Management (NYSE: BAM) is going into the retail rescue business.

Brookfield announced the launch of a Retail Revitalization Program to bring much-needed capital and assist with the recapitalization of retail companies with operations in the major markets in which Brookfield operates globally.

The retail investment program will focus on non-control investments in retail businesses to assist with their capital needs during the current disruptive economic environment caused by the COVID-19 pandemic. Brookfield is targeting $5 billion to be put toward this Program.

Brookfield Asset Management and Retail Rescue

Ron Bloom, Managing Partner and Vice Chairman of Brookfield’s Private Equity Group, will lead the program.

He was a principal architect of the restructuring and rejuvenation of the automobile industry on behalf of the U.S. government during the 2008 financial crisis. “This initiative is being designed to assist medium-sized enterprises in getting back on their feet. We believe this is a critical component to getting the economy moving again, and we would like to partner with companies and entrepreneurs that can draw on our capital and expertise to stabilize and grow their business,” Bloom said.

Brookfield intends to make available its resources and expertise as one of the largest global investors in both real estate and private equity. It will focus on supporting long-term business performance.

The Retail Revitalization Program will focus on retail businesses that have $250 million or higher in normalized revenues and have been operating for at least two years.

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