Brookfield Buys Stake in Private Debt Firm Castlelake’s Fees
- Canadian firm will invest $1.5 billion in Castlelake
- Deal adds to Brookfield’s stable of credit investments
Bruce Flatt, chief executive officer of Brookfield Asset Management
Photographer: Betty Laura Zapata/BloombergThis article is for subscribers only.
Brookfield Asset Management struck a partnership with Castlelake LP to get a majority share of the private debt firm’s fee-related earnings, another move in the Canadian investing giant’s effort to grow its credit business.
Brookfield Asset will invest about $1.5 billion, including money that the firm’s reinsurance arm will place in Castlelake’s strategies, the firms said in a statement Monday. Castlelake will still operate independently and retains majority ownership of its earnings tied to performance.