(Bloomberg) -- 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 capital on behalf of about 200 institutions including endowments, pension plans, family offices, insurance companies and sovereign-wealth funds, its website shows.

Castlelake has been among the private-credit lenders that have taken advantage of the regional-bank pullback, buying up bundles of consumer loans from financial technology firms such as Upstart Holdings Inc. and Oportun Financial Corp.

Read More: Private Lender Castlelake to Buy $4 Billion of Upstart Debt

Alternative-asset managers have been seeking to capture larger allocations from limited partners. TPG Inc. this year purchased credit- and real estate-focused Angelo Gordon & Co., a move that boosted its assets under management by $74 billion. General Atlantic, which bought Iron Park Capital Partners in April, has outlined plans to expand beyond its growth-equity roots, while CVC Advisers agreed in September to buy infrastructure investor DIF Capital Partners. And last year, Carlyle Group Inc. bought a portfolio of assets from Eldridge’s CBAM Partners. 

Read More: Kennedy Lewis, Overseeing $14 Billion, Said to Explore Sale

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