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Castlelake Completes Next Phase in Long-term Succession Plan

Castlelake, L.P. (“Castlelake”), a global alternative investment manager specializing in asset-based investments, today announced that it has completed the next phase of its long-term succession plan, in which Rory O’Neill has transitioned to Executive Chair and Evan Carruthers has transitioned to sole Chief Executive Officer alongside his existing role as Chief Investment Officer.  

O’Neill founded Castlelake in 2005 with the partnership of Carruthers and served as its CEO for 18 years, leading the firm’s strategic growth and evolution as a specialized asset-focused investor. During his tenure, Castlelake raised 18 asset-based investing funds, developed a capital base of more than 200 limited partners and established a footprint of more than 220 professionals across three continents. In April 2023, the leaders adopted a co-CEO structure as part of the firm’s long-term succession plan. Since that time, the firm has continued to achieve its goals and mission of delivering what it believes to be consistent and exceptional risk-adjusted performance for investors.  

“It is with great pride that I take this step in our succession plan,” said O’Neill. “Castlelake is positioned very well within the industry, with experienced, capable senior leadership, in-demand expertise, and a strong reputation built by delivering on our commitments. I look forward to continuing to be a part of this exceptional organization from a new vantage point.” 

As Executive Chair, O’Neill will remain actively engaged in Castlelake’s business for the foreseeable future, including as a member of its Executive Committee and Investment Review Committee. Mr. Carruthers will continue his responsibility for Castlelake’s overall strategy, including all investment and operational activities, as well as guiding the firm’s mission, culture and investment approach.  

“Rory and I are pleased to complete this phase of the long-term succession plan that we designed to ensure the stability of Castlelake for the benefit of its investors over multiple generations,” said Evan Carruthers. “With a close-knit and collaborative leadership team around me, and Rory’s ongoing engagement, I believe Castlelake will continue delivering on its mission to investors and growing alongside the expanding asset-based investment opportunity set for years to come.”  

As part of the succession plan, Yen-Wah Lam was also appointed President and Chief People Officer in April 2023, responsible for supporting Castlelake’s governance and strategic direction, managing enterprise-level risk and organizational change. Lam and the non-investment operations and internal affairs she oversees, including Castlelake’s Human Resources, Finance & Operations, and Legal & Compliance functions, report to Carruthers following the completion of this Executive Chair and CEO transition. 

About Castlelake 

Castlelake, L.P. is a global alternative investment manager focused on asset-based investments in the private specialty finance, real assets and aviation markets. Founded in 2005, Castlelake manages approximately $22 billion of assets on behalf of a diversified global investor base. The Castlelake team comprises more than 220 experienced professionals, including 90 investment professionals, across seven offices in North America, Europe and Asia. For more information, please visit  


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