Castlelake, Firm That Manages $22 Billion, Said to Explore Sale

Castlelake LP, which has about $22 billion in assets under management, is exploring options including a sale, according to people with knowledge of the matter.

The firm, founded in 2005 by co-Chief Executive Officers Rory O’Neill and Evan Carruthers, is mulling selling a controlling stake in itself, said one of the people, all of whom asked not to be identified discussing confidential talks. No final decisions have been made and the firm could elect to remain independent.

A representative for Castlelake declined to comment.

The Minneapolis-based firm, which specializes in real assets, specialty finance and aircraft investing, manages ...