07:51 AM EDT, 05/06/2024 (MT Newswires) -- Brookfield Asset Management ( BAM ) on Monday said 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.

Brookfield and Brookfield Reinsurance will invest US$1.5 billion in Castlelake's investment strategies.

Castlelake, which was founded in 2005 by Evan Carruthers and Evan O'Neill, has US$22 billion of assets under management. The company will continue to operate independently, retaining its current governance and leadership structure, including Carruthers as chief executive and chief investment officer, and O'Neill as executive chair. It will retain majority ownership of its performance-related earnings.

The transaction is expected to close in the third quarter.