Castlelake, a global alternative investment manager with 17 years of experience investing in asset-rich opportunities, named Joe McConnell and Isaiah Toback deputy co-chief investment officers and Brad Farrell chief operating officer.

McConnell and Toback currently serve in portfolio management roles at Castlelake, overseeing the firm’s value and aviation funds and value and income funds, respectively. As deputy co-CIOs, McConnell and Toback will continue to partner closely with managing partner and chief investment officer Evan Carruthers, directing and managing Castlelake’s global investment strategy across the risk-return spectrum and supporting the growth and development of its investment teams. They will continue to report to Evan Carruthers, collectively comprising the Office of the CIO.

As chief operating officer, Farrell’s title reflects his responsibilities for Castlelake’s financial, operational and administrative functions, including governance and execution of systems and processes that support our investment mandate. He previously held the role of CFO and will continue to report to managing partner and CEO, Rory O’Neill.

“We are pleased to recognize the experience, strategic skillset and leadership that Joe, Isaiah and Brad bring to Castlelake,” O’Neill said. “As Castlelake looks toward the future and explores broader opportunities to provide capital solutions to asset sellers and borrowers in asset-rich private markets, Joe, Isaiah and Brad bring the expertise and leadership to drive our goals forward while maintaining the focus on relationships for which our counterparties have come to know us.”

“In addition to their distinguished individual track records, Joe, Isaiah and Brad have demonstrated consistent personal commitment to our firm’s success, values and delivery of its investor-focused mission,” Carruthers said. “I am excited to continue partnering with them as we realize the next chapter of Castlelake’s evolution and accelerate our growth.”

McConnell joined the firm in 2007 and is deputy co-chief investment officer. In this role, McConnell is responsible for guiding and executing the firm’s global investment strategy across asset classes, overseeing the firm’s value and aviation fund portfolios and supporting the growth and development of its investment teams. He is also a voting member of the firm’s investment review committee and is a director of Castlelake Aviation and Castlelake’s aircraft securitizations. McConnell became a partner of the firm in 2017 and has previously served in portfolio management and investment roles, including co-head of the firm’s aviation and real assets businesses. Prior to joining Castlelake, McConnell worked in Piper Jaffray’s investment banking division.

Toback joined Castlelake in 2015 and is deputy co-chief investment officer. In this role, Toback is responsible for guiding and executing the firm’s global investment strategy across asset classes, overseeing the firm’s value and income fund portfolios, and supporting the growth and development of its investment teams. He is also a voting member of the firm’s investment review committee. Toback became a partner of the firm in 2020 and previously served in portfolio management and investment roles. He has particular experience with investments in dislocated industries and corporate special situations, including leading the firm’s renewables and commodity shipping strategies. Prior to joining Castlelake, Toback was an investment banker with Goldman Sachs, where he was responsible for transportation structured financings, focusing on the aviation and shipping industries.

Farrell joined Castlelake in 2019 and is chief operating officer. In this role, Farrell is responsible for internal and external reporting, all financial and operational aspects of investment structuring, execution and valuation and management company operations. Farrell also retains oversight of the firm’s information and technology strategy and administrative functions and serves as a member of its investment review committee among other governance roles. He became a partner of the firm in 2021. Farrell has approximately 22 years of professional experience in the financial services industry. Prior to joining Castlelake, he served as the CFO of Two Harbors Investment, where he was responsible for operations, treasury, tax, accounting and financial reporting. During his seven-year tenure as CFO, Farrell was also involved in the organization’s regulatory and corporate governance, risk oversight, transaction structuring and execution, debt and capital formation, investor reporting, technology and talent management. Prior to Two Harbors Investment, Farrell served in various leadership and managerial positions within finance and accounting at GMAC ResCap, XL Capital and KPMG.