Kirkland & Ellis is advising alternatives asset manager Castlelake L.P. on a strategic partnership with Brookfield Asset Management (NYSE: BAM, TSX: BAM) in which Brookfield is purchasing a 51% stake in Castlelake’s fee-related earnings. The amount of capital to be invested will be approximately $1.5 billion, including capital to be invested in Castlelake’s investment strategies by Brookfield Reinsurance. Castlelake will continue to operate its business independently, retaining its current governance and leadership structure and will retain majority ownership of its performance-related earnings. The transaction is expected to close in the third quarter of 2024. Read the transaction press release The Kirkland team is being led by asset management M&A partners Christopher Gandia, Carlo Zenkner, James Mayne and Daniel Lavon-Krein; tax partners Mark Schwed and Joseph Tootle; investment funds partners David Sherman, Stefan Paulovic, Alpa Patel, Daniel Kahl and Samuel Weber; antitrust & competition partner Matthew Sinclair-Thompson; and financial services regulatory partners Lisa Cawley and Thomas Woodhead.