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Castlelake

SEC-registered adviser since 2011Minneapolis, MNCRD 145165

$35.3B
AUM
50
Clients
See fees
Fee
98
Advisory staff

From Form ADV filed 27 March 2026 · data retrieved 15 October 2026SEC record

Castlelake is an investment adviser headquartered in Minneapolis, Minnesota, and registered with the SEC since 2011. Its clients include pooled investment vehicles, insurance companies and other clients.

Its services include portfolio management for pooled vehicles and portfolio management for institutions. Fee arrangements include a percentage of assets under management, performance-based fees and other arrangements. Ro Management, LP owns 75% or more of Castlelake, and Evan Carruthers is its CEO.

Clients

Castlelake serves 50 clients, 46 of them pooled investment vehicles. The average client has about $706 million with the firm.

Regulatory assets by client type
  • Pooled investment vehicles46 clients99%
  • OtherInsurance companies, Corporations and other businesses, Other1%
Show client breakdown
Pooled investment vehicles
Clients
46
Regulatory AUM
$35,074,308,545
Share
99.4%
Avg. per client
$762.5M
Insurance companies
Clients
1
Regulatory AUM
$100,000,000
Share
0.3%
Avg. per client
$100.0M
Corporations and other businesses
Clients
2
Regulatory AUM
$51,737,558
Share
0.1%
Avg. per client
$25.9M
Other
Clients
1
Regulatory AUM
$61,488,788
Share
0.2%
Avg. per client
$61.5M

Total

Clients
50
Regulatory AUM
$35,287,534,891
Share
100%
Avg. per client
$705.8M

What it does

Castlelake provides portfolio management for pooled vehicles and portfolio management for institutions. It is paid through a percentage of assets, performance-based fees and other arrangements.

Castlelake advises 46 private funds.

100.0% of assets ($35.29B across 50 accounts) are managed with discretion. 26% of clients are outside the U.S., and 0 clients received advice without assets under management last fiscal year.

What the accounts hold

Separately managed account assets by class, year end
  • Other100%
    • Interests in private credit instruments100%

Custodians

Castlelake has custody of $31.79B for 44 clients.

Managed account assets by custodian
  • All other custodians$35.29B100%

Ownership and leadership

Ro Management, LP owns 75% or more of Castlelake, and Evan Carruthers is its CEO.

Who owns the firm
Castlelake, L.P.· the adviser

  • Ro Management, LP

    Control person · since December 2005

    Owns 75% or more of Castlelake, L.P.

Leadership

  • Evan Carruthers
    Chief Executive Officer, Chief Investment Officer
  • Yen-Wah Lam
    President; Chief People Officer
  • Brad Farrell
    Chief Operating Officer
  • Maria Romolo
    Chief Compliance Officer & Managing Counsel
  • Daniel McNally
    General Counsel
  • Rory O'Neill
    Executive Chair

Staff

  • 251 employees
  • 98 in advisory functions
  • 4 soliciting firms

Fees

Castlelake is paid through a percentage of assets under management, performance-based fees and other.

Castlelake’s fee rates are not included in this profile. Find its brochure on the SEC’s site.

Offices and registrations

Besides its headquarters, Castlelake has 8 offices (1 private residence, listed without an address), with 3 listed addresses across 3 states.

Listed office addresses by state

Minnesota · 1 listed address

  • 250 Nicollet Mall, Suite 900, MinneapolisHQ

Registration details

Legal name
Castlelake, L.P.
Headquarters
250 Nicollet Mall, Suite 900, Minneapolis, MN 55401-7546
Phone
612-851-3000
Website
www.castlelake.com
SEC file
801-72310
Structure
Delaware limited partnership
Fiscal year end
December

This directory does not report disciplinary history, for any firm or individual, in either direction. The SEC publishes the complete record, including any disciplinary events, and it is the authoritative place to check one. See this firm's record on adviserinfo.sec.gov

Common questions

How many clients does Castlelake have?

Castlelake has 50 clients and manages $35.3 billion for them, as of March 2026. They include 46 pooled investment vehicles, 2 corporations and other businesses and 1 insurance companies.

Source: Form ADV Part 1A, Items 5.D and 5.F, filed 27 March 2026

What services does Castlelake offer?

Castlelake provides portfolio management for pooled vehicles and portfolio management for institutions.

Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file

How many financial advisors does Castlelake have?

Castlelake has 0 investment adviser representatives registered with state securities authorities, out of 251 employees, and 98 perform investment advisory functions. None are registered representatives of a broker-dealer or licensed insurance agents.

Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file

What does Castlelake invest in?

At the end of its last fiscal year, Castlelake’s separately managed accounts held 100% interests in private credit instruments. It advises 46 private funds.

Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file

Who owns Castlelake?

Castlelake is owned through a chain of holding companies by Rory O'Neill, Castlelake Management Aggregator, LLC, Brookfield Asset Management LTD. and Brookfield Corporation. Its direct owner is Ro Management, LP (75% or more).

Source: Form ADV Part 1A, Schedules A and B, filed 27 March 2026

How does Castlelake get paid?

Castlelake is paid through a percentage of assets under management, performance-based fees and other arrangements. Its Form ADV lists no commissions among how it is paid.

Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file

Sources

  1. Form ADV Part 1A, amendment filed 27 March 2026. Items 1, 5, 9, 11 and Schedules A, B and D.
  2. IAPD firm record, CRD 145165.

Retrieved 15 October 2026. All are published by the SEC and may have been amended since.

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This profile is compiled from public regulatory filings and is provided for informational purposes only. Niva Wealth is not affiliated with Castlelake, L.P. and makes no representation about the quality of its services. Figures reflect the filing dates shown and may have changed. Ownership percentages are the bands reported to the SEC, not exact figures.