Brookfield Asset Management, a private equity firm, agreed to acquire a 51% stake in alternatives asset manager Castlelake's fee-related earnings, in a $1.5bn deal. “In Brookfield, we believe we have found a like-minded partner that values experience and specialized expertise, and takes a disciplined, yet creative approach to delivering value for investors. We are excited about this partnership’s ability to enhance Castlelake’s value proposition, help accelerate its innovation, and scale its platform for the benefit of investors, business partners, and employees. Alongside the existing Executive Committee and senior leadership of Castlelake, and with the support of Brookfield’s significant credit franchise, we look forward to continuing to grow and evolve Castlelake into one of the foremost asset-based investment firms in the market," Rory O’Neill and Evan Carruthers, Castlelake Founders.