The Globe and Mail reports in its Tuesday edition that Brookfield Asset Management will invest about $1.5-billion (U.S.) in U.S.-based private credit manager Castlelake, the companies said on Monday. A Reuters dispatch to The Globe says that private credit firms have become an increasingly popular source of capital for they do not face the tighter regulatory scrutiny as traditional lenders. "This multitrillion market has significant tailwinds that will help drive the growth of our $300-billion credit business over the next decade," Brookfield Credit chief executive officer Craig Noble said in a statement. Brookfield will acquire a 51-per-cent share of Castlelake's fee-related earnings as part of the deal. The fee-related earnings metric is used to assess an asset manager's ability to generate profits from revenues that are measured and received on a recurring basis. Minneapolis-based Castlelake, which specializes in asset-based private credit, will continue to operate its business independently and retain its current leadership structure. Brookfield Asset Managment closed Monday at $54.61, up 1.10 on the Toronto Stock Exchange.