American Equity Investment Life Holding Co. announced Monday that it has closed an initial equity investment with Brookfield Asset Management as part of a previously announced strategic partnership. Brookfield acquired 9,106,042 shares at $37 per share; with this investment and the accelerated share repurchase and other share repurchases, Brookfield owns an approximate 9.9% equity interest in the West Des Moines-based annuity company and is entitled to one seat on the company’s board of directors. Sachin Shah, a Brookfield managing partner and chief investment officer, joined American Equity’s board as a 14th director. American Equity also announced that it has entered into an accelerated share repurchase agreement with Citibank to repurchase an aggregate of $115 million of American Equity’s common stock. Since starting its maiden share repurchase program on Oct. 30, the company has already repurchased over 1.9 million shares for $50 million in the open market. American Equity said it intends to continue repurchasing shares in 2021 so that after insurance regulatory approvals, Brookfield will be a cornerstone investor in the company with up to 19.9% ownership in its stock.