07:50 AM EDT, 05/06/2024 (MT Newswires) -- Brookfield Asset Management ( BAM ) agreed to invest $1.5 billion in alternative asset manager Castlelake in exchange for 51% of its fee-related earnings, the companies said Monday.

The transaction is expected to close in Q3.

Castlelake is an asset manager specializing in asset-based private credit to the aviation and other industries. The company will continue to operate independently, retaining cofounders Evan Carruthers as chief executive and investment officer and Rory O'Neil as executive chair while keeping majority ownership of its performance-related earnings.

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