Brookfield Closes $1.5 Bln Strategic Partnership With Castlelake

(RTTNews) - Castlelake L.P. announced on Tuesday that Brookfield Asset Management Inc. (BAM) has completed a $1.5 billion strategic partnership with Castlelake L.P., in which Brookfield has acquired a 51 percent stake in Castlelake's fee-related earnings.

The Brookfield Wealth Solutions has also committed to invest into Castlelake's investment strategies and private funds.

Craig Noble, CEO of Brookfield Credit, said: "We're pleased to formally begin our strategic partnership with Castlelake and bring its asset-based investment capabilities into the Brookfield ecosystem..."

Founded in 2005, Castlelake is an investment firm with a focus on asset-based investments.

Castlelake manages around $24 billion of assets on behalf of over 200 diverse institutional investors.