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O'Neill and Carruthers co-founded Castlelake in 2005, growing and shaping the firm into a specialized asset-focused investor over the last 17 years. The Co-CEO structure is a natural extension of that partnership and part of the firm's long-term succession plan. Carruthers will retain the Chief Investment Officer role while deepening his engagement in broader facets of the firm's operations as Co-CEO. O'Neill will remain deeply engaged in the firm's investment strategy while continuing to oversee certain operational functions as Executive Chair and Co-CEO. They will also work closely with Lam, who as President will provide detailed insight and perspective around the firm's operations as well as support the execution of the Co-CEOs' strategic priorities.

"Through 17 years of credit cycles, shifting economic environments and transformational geopolitical events, Evan and I have worked together to mold Castlelake into the investor-focused, asset-based specialist that it is today," said O'Neill. "As Co-CEOs, we will continue to rely on the collaboration, trust and understanding that we've built with each other to seek to deliver consistent and exceptional risk-adjusted performance for our investors."

"The Co-CEO structure has been long planned and thoughtfully designed, and we are confident that it positions the firm to continue delivering on its mission for the long-term," added Carruthers. "I am excited to expand my role and work closely with Rory, Yen and the leadership team to plan our future growth as asset-based investments become increasingly top of mind for investors looking to diversify in today's market."

Lam joined Castlelake in 2018 and served as Chief Human Resources and Talent Officer, responsible for the firm's talent strategy, diversity, equity and inclusion programming, and employment policies and operations. In her new role as Chief People Officer and President, Lam will support Castlelake's governance and strategic direction, managing enterprise-level risk and organizational change. She will oversee all non-investment operations and internal affairs, including Castlelake's Human Resources, Finance & Operations, and Legal & Compliance functions.