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Laxman Pai, Opalesque Asia:

Canada's Brookfield Asset Management has entered into agreement under which it will acquire a 51% stake in the fee-related earnings of Castlelake, an alternatives asset manager specializing in asset-based private credit including aviation and specialty finance.

Private credit firms said in a joint media release that the amount of capital to be invested will be about $1.5 billion, including capital to be invested in Castlelake's investment strategies by Brookfield Reinsurance. Brookfield Reinsurance is an independent spinoff of Brookfield Corp.

The partnership will allow Castlelake and Brookfield to collaborate and expand Castlelake's differentiated asset-based investment business.

This multi-trillion market has significant tailwinds that will help drive the growth of our $300 billion credit business over the next decade, Brookfield Credit CEO Craig Noble said in a statement.

"There is strong demand for Castlelake's leading private credit strategies and tremendous growth potential in the asset class. We look forward to helping Castlelake scale their business, and the addition of their capabilities enables us to better serve our clients around the world," Craig added.

Castlelake was founded in 2005 by Rory O'Neill and Evan Carruthers and is one of the longest-tenured investment firms focused on asset-based investments. Its experience entails more than 18 years of execution and $39 billion of capital deployment across appr......................

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