Fortress Raises $1.1 billion for Latest Opportunistic Japan Real Estate Fund
November 03 2015 - 9:00AM
Business Wire
Third Credit Successor Fund to Close at its
Cap in 2015
Fortress Investment Group LLC (NYSE:FIG) announced today the
successful close of Fortress Japan Opportunity Fund III (“FJOF
III”) at the Fund’s cap. Investor subscriptions, in either USD or
JPY, totaled approximately $1.1 billion. FJOF III is a successor
fund to FJOF II and FJOF, which closed at their respective caps in
December 2012 and June 2010.
As of September 30, 2015, FJOF and FJOF II (Yen) had generated
annualized inception-to-date net IRRs of 32.3% and 23.5%,
respectively. FJOF III had invested over ¥17 billion of capital
across 10 closed transactions through September 30, 2015. The fund
is expected to be fully invested over the next 24 months.
Fortress’s Japan Opportunity funds primarily focus on
opportunistic investments in distressed real estate-related debt
and other assets in Japan. The funds seek to capitalize on dynamics
related to significant deleveraging by financial institutions and
near-term debt maturities: supply demand gaps, limited credit
availability, price distortions, volatility and sales of non-core
or distressed real estate-related assets. Since 2009, the FJOF
funds have invested over ¥210 billion of capital in opportunistic
real estate debt and related assets in Japan.
With the completion of this fundraise, Fortress’s Credit
business has now closed three successor funds in 2015 at their
targeted caps: Fortress Credit Opportunities Fund IV, Fortress Real
Estate Opportunities Fund II and FJOF III. In aggregate, these
three successor Credit funds have raised over $7 billion of new
capital.
About Fortress
Fortress Investment Group LLC is a leading, highly diversified
global investment firm with $74.3 billion in assets under
management as of September 30, 2015. Founded in 1998, Fortress
manages assets on behalf of approximately 1,800 institutional
clients and private investors worldwide across a range of private
equity, credit, liquid hedge funds and traditional asset management
strategies. Fortress is publicly traded on the New York Stock
Exchange (NYSE: FIG). For additional information, please visit
www.fortress.com.
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Fortress Investment Group LLCGordon E. Runté, 212-798-6082
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