# Castlelake, L.P.

> Castlelake, L.P. is an SEC-registered investment advisory firm in Minneapolis, MN, registered since 2011, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated March 27, 2026.

- CRD: 145165
- Filed as: CASTLELAKE, L.P.
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Minneapolis, MN
- Filing period: October 2026
- Form ADV filing dated: March 27, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/145165
- AdvisorCensus page: https://advisorcensus.com/firm/castlelake-l-p-minneapolis-mn-145165

## Quick answers

**How is Castlelake, L.P. compensated?**
On its Form ADV (Item 5.E, October 2026), Castlelake, L.P. reports these compensation arrangements: a percentage of assets under its management; performance-based fees; other.

**Where is Castlelake, L.P. located?**
Castlelake, L.P.'s principal office is in Minneapolis, MN, according to its Form ADV; the April 2026 filing also lists 7 other offices (Schedule D, Section 1.F).

**Is Castlelake, L.P. registered with the SEC or a state?**
Castlelake, L.P. is an SEC-registered investment advisory firm, registered since 2011. Status as filed: Approved. CRD 145165.

**How much does Castlelake, L.P. manage?**
Castlelake, L.P. reports $35,287,534,891 in regulatory assets under management in its Form ADV filing dated March 27, 2026 (100% discretionary).

**How have Castlelake, L.P.'s assets and staff changed since 2021?**
In the Form ADV data for Castlelake, L.P.: Regulatory assets under management: $21,577,578,213 in the October 2021 data and $35,287,534,891 in the October 2026 data, up 64%. Total employees: 211 in October 2021 and 251 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Castlelake, L.P. serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (46); corporations or other businesses not listed above (2); insurance companies (1).

**Does Castlelake, L.P. report any disciplinary disclosures?**
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/145165

**What changed in Castlelake, L.P.'s recent Form ADV filings?**
In the April 2026 filing data: Regulatory assets under management went from $28,776,153,982 to $35,287,534,891 (+23%). Employees performing advisory functions went from 82 to 98. Added an office in Dubai. Registered or notice-filed in UT. Updated its list of owners and control persons (Schedule A).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Performance-based fees
- Other

### Regulatory assets under management (Item 5.F)
- Total: $35,287,534,891
- Discretionary: $35,287,534,891
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 0 | $0 |
| High net worth individuals | 0 | $0 |
| Banking or thrift institutions | 0 | $0 |
| Investment companies | 0 | $0 |
| Business development companies | 0 | $0 |
| Pooled investment vehicles (other than investment companies and business development companies) | 46 | $35,074,308,545 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 0 | Not reported |
| Charitable organizations | 0 | Not reported |
| State or municipal government entities (including government pension plans) | 0 | Not reported |
| Other investment advisers | 0 | Not reported |
| Insurance companies | 1 | $100,000,000 |
| Sovereign wealth funds and foreign official institutions | 0 | Not reported |
| Corporations or other businesses not listed above | 2 | $51,737,558 |
| Other | 1 | $61,488,788 |

### Advisory services (Item 5.G)
- Portfolio management for pooled investment vehicles (other than investment companies)
- Portfolio management for businesses (other than small businesses) or institutional clients

### Firm details
- Registered since: 2011 (15 years)
- Employees: 251 total, 98 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: MN, NY, TX, UT
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the April 2026 filing
- Dallas, TX
- Dubai
- Dublin
- London
- Madrid
- New York, NY
- Singapore

### Websites listed on Form ADV (Item 1.I)
- castlelake.com
- meritairfinance.com
- Facebook @CASTLELAKE-159633640723857
- LinkedIn @107669329
- LinkedIn @86161

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $21,577,578,213 | 211 | March 30, 2021 |
| October 2022 | $23,846,402,884 | 211 | August 11, 2022 |
| October 2023 | $24,763,945,023 | 231 | March 31, 2023 |
| October 2024 | $26,316,985,845 | 224 | September 13, 2024 |
| October 2025 | $28,776,153,982 | 222 | April 2, 2025 |
| October 2026 | $35,287,534,891 | 251 | March 27, 2026 |

Regulatory assets under management: $21,577,578,213 in the October 2021 data and $35,287,534,891 in the October 2026 data, up 64%.
Total employees: 211 in October 2021 and 251 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Regulatory assets under management went from $28,776,153,982 to $35,287,534,891 (+23%).
- Employees performing advisory functions went from 82 to 98.
- Added an office in Dubai.
- Registered or notice-filed in UT.
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Castlelake, L.P. (CRD 145165): Form ADV filing data as of October 2026.