Investment consultant Aksia LLC rescinded its approval for Brookfield Asset Management’s special-situations fund after two top executives left, according to people familiar with the matter.

Chief Investment Officer Angelo Rufino’s recent exit came after the departure earlier this year of the group’s former head, David Levenson, said the people, who asked not to be identified discussing private matters. Rufino is heading to Bain Capital to be a senior member of its special-situations arm, people familiar with the situation told Bloomberg two weeks ago.

Aksia, which advises on more than $290 billion of assets on behalf of pension funds and other institutions, didn’t respond to several requests for comment. The firm has been doing due diligence on Brookfield Special Investments. It’s still possible the fund might gain Aksia’s endorsement in the future.

Investment consultants act as gatekeepers for public pension plans and other institutional investors, and their recommendations can substantially boost assets for the investment funds they endorse.

Levenson, a former managing partner who was responsible for overseeing Brookfield Special Investments, left the firm several months ago, according to the people. The division has been seeking $3.5 billion for its second fund focused on providing bespoke debt or equity financing to businesses, Bloomberg reported in April.

“Essentially all of the Fund I capital has been invested, and fundraising for Fund II continues unaffected,” Kerrie McHugh, a spokesperson for Brookfield, said by email. Anuj Ranjan, president of Brookfield’s private equity arm, will continue to oversee the Toronto-based firm’s special investments strategy and “has a deep bench of talent and Brookfield’s full resources dedicated to it.”

Brookfield expects a first close for the second fund early next year amid strong interest in the product, one person said. The first fund closed in 2021 at more than $2 billion, according to data compiled by Bloomberg.

BSI’s investments a senior secured convertible loan to fiber-optic network operator Oi InfraCo, and $400 million of convertible equity to cosmetic surgery provider Body Contour Centers LLC, which does business as Sono Bello.

(Adds additional information of size of first fund. An earlier version removed an incorrect reference to an investment in Primary Wave Music in the last paragraph.)