Brookfield made a non-binding proposal of $2.88 a share, the same value as the proposal made last month by CC Capital Partners, and later matched by Bain Capital.

Brookfield has been given access to do due diligence for a potential acquisition of Insignia Financial after it presented a bid matching offers from Bain Capital and CC Capital. The offer comes despite Insignia knocking back earlier media rumours of a Brookfield bid.

Brookfield is vying for the owner of MLC, joining a $3.1 billion wealth management tussle with CC Capital and Bain Capital.

Less than a month after Insignia quashed rumours Brookfield had made a takeover offer, the private equity giant has officially entered the fray.

Global investment firm Brookfield Capital Partners has entered the race to acquire Australian wealth manager Insignia Financial, matching existing takeover offers by US private equity firms CC Capital and Bain Capital.

Insignia Financial is now entertaining a trio of suitors after Brookfield Capital Partners joined the fight for the wealth manager with a $3.1bn bid that matches offers from rivals Bain Capital and CC Capital -- and gets it a look under the target’s hood.