Fortress Investment Group and Mount Kellett Capital to Form Strategic Alliance
May 22 2015 - 6:59PM
Business Wire
Agreement for Fortress to Co-Manage Mount
Kellett Funds
Fortress Investment Group LLC (NYSE:FIG) (“Fortress”), a
leading, diversified global investment management firm, and Mount
Kellett Capital Management LP (“Mount Kellett”), a private,
multi-strategy investment firm, today announced they have reached
an agreement for an affiliate of Fortress to become co-manager with
Mount Kellett of the Mount Kellett investment funds and related
accounts (collectively, the “Funds”). Mount Kellett affiliates will
continue to serve as general partner of the Funds. Additionally,
affiliates of Fortress will become special limited partners of the
Funds. Financial terms of the transaction were not disclosed.
The strategic alliance between Mount Kellett and Fortress brings
together teams with significant special situations experience and
sector specific knowledge, particularly in credit and global real
estate. Mount Kellett will benefit from the scale and resources
contained within the institutional framework of Fortress, a global
alternative asset manager with $69.9 billion in assets under
management. The senior leadership of both companies have a
decades-long history of working together.
“We are pleased to join with Mount Kellett and their experienced
team of investment professionals who possess deep knowledge of
special situations and opportunistic investing,” said Peter L.
Briger, Jr., Fortress Principal and Co-Chairman of the Board of
Directors. “In addition, we have worked with Mark McGoldrick for
decades and are pleased to be able to do so again.”
“Fortress has a world class Credit business, with exceptional
people, disciplined investment acumen, a deep understanding of our
strategies and a strong institutional framework,” said Mark
McGoldrick, Chief Investment Officer of Mount Kellett. “We are very
pleased to be partnering with Fortress. Our investors will benefit
from the access and support of a global operational platform and
the combined asset management expertise of the Mount Kellett and
Fortress teams across the distressed and special situations
spectrum.”
The transaction is subject to receipt of Mount Kellett investor
consent and certain other approvals and the execution of definitive
agreements. The transaction is expected to close on or about June
30, 2015.
About Fortress:
Fortress Investment Group LLC (NYSE:FIG) is a leading,
diversified global investment management firm with $69.9 billion in
assets under management as of March 31, 2015. Fortress applies its
deep experience and specialized expertise across a range of
investment strategies - private equity, credit, liquid hedge funds
and traditional asset management - on behalf of approximately 1,700
institutional clients and private investors worldwide. For more
information regarding Fortress Investment Group LLC or to be added
to its e-mail distribution list, please visit www.fortress.com.
About Mount Kellett:
Mount Kellett is a multi-strategy private investment firm
focused on global value, special situations and opportunistic
investing across asset classes and industries, including real
estate. The firm is headquartered in New York. The firm currently
has approximately $5 billion in assets under management.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements in this press release may constitute
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995, including statements
regarding Fortress’s sources of management fees, incentive income
and investment income (loss), estimated fund performance and the
amount and source of expected capital commitments. These
statements are not historical facts, but instead represent only the
Company’s beliefs regarding future events, many of which, by their
nature, are inherently uncertain and outside of the Company’s
control. It is possible that the sources and amounts of management
fees, incentive income and investment income, the amount and source
of expected capital commitments for any new fund or redemption
amounts may differ, possibly materially, from these
forward-looking statements, and any such differences could cause
the Company’s actual results to differ materially from the results
expressed or implied by these forward-looking statements. For a
discussion of some of the risks and important factors that could
affect such forward-looking statements, see the sections entitled
“Risk Factors” and “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” in the
Company’s Quarterly Report on Form 10-Q, which is, or will be,
available on the Company’s website (www.fortress.com). In addition,
new risks and uncertainties emerge from time to time, and it is not
possible for the Company to predict or assess the impact of every
factor that may cause its actual results to differ from those
contained in any forward-looking statements. Accordingly, you
should not place undue reliance on any forward-looking statements
contained in this press release. The Company can give no assurance
that the expectations of any forward-looking statement will be
obtained. Such forward-looking statements speak only as of the date
of this press release. The Company expressly disclaims any
obligation to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change
in the Company’s expectations with regard thereto or any change in
events, conditions or circumstances on which any statement is
based.
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version on businesswire.com: http://www.businesswire.com/news/home/20150522005960/en/
Fortress Investment Group LLCGordon E. Runté,
1-212-798-6082orMount Kellett Capital Management LPDan Gagnier,
212-687-8080
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