The Financial Post reports in its Saturday edition that Brookfield Asset Management is in advanced talks to buy a majority share of private-credit manager Castlelake LP. A Bloomberg dispatch to the Post says that the potential deal would see Brookfield invest more than $1.5-billion (U.S.) in the Minneapolis-based firm, which manages around $22-billion (U.S.). Unnamed sources said the talks are advanced but could still fall apart. As part of the deal, Brookfield would be entitled to 51 per cent of fee-related earnings and a much smaller share of carried interest. Brookfield and Castlelake declined to comment on the record. The Financial Times of London first reported Brookfield was in advanced talks over a deal, and Bloomberg reported in November Castlelake was exploring options, including a sale. Founded in 2005, Castlelake focuses on real assets, specialty finance and aircraft investing, and manages capital on behalf of about 200 institutions, including endowments, pension plans, family offices, insurance firms and sovereign wealth funds.