Castlelake wraps up fifth flagship fund at $2.4 bln

Minneapolis-based Castlelake LP, a private investment firm, has closed its fifth flagship fund at a hard cap of $2.4 billion.

The firm’s limited partners includes endowments, foundations, public and private pension plans, private funds, family offices, insurance companies and sovereign wealth funds.

The fund will invest in opportunities considered asset-rich as well as not dependent on the traditional business cycles. This includes aircraft assets and aviation finance, European distressed real estate assets, dislocated industries and corporate distressed special situations.

In June 2015, Castlelake closed its fourth fund at $1.9 billion, generating a net IRR of 30.09 percent, as of September 30, 2016, according to data provided by California State Teachers’ Retirement System.

Launched in 2005, Castlelake currently manages more than $10.3 billion in assets.

A white piggy bank with a pile of money. Photo courtesy of busypix/iStock/Getty Images