Fortress Raises $590 million for Secured Lending Fund
03 Maggio 2017 - 10:40PM
Business Wire
New Offering Leverages Deep Experience of
Established Specialty Finance Lending Business
Fortress Investment Group LLC (NYSE: FIG) announced today the
successful close of the Fortress Secured Lending Fund (“FSLF”). The
fund was oversubscribed, with total accepted capital of $590
million, nearly 20% over an original target of $500 million.
FSLF will become the primary funding source for the firm’s
established specialty finance lending business, which has committed
approximately $5 billion across over 80 lender finance transactions
since 2006. Led by co-CIOs Pete Briger, Dean Dakolias and Dominick
Ruggiero, FSLF is focused on making attractively priced, primarily
senior loans secured by diversified portfolios of consumer and
small business loans and receivables.
The fund’s senior team, led by Ruggiero, has worked together for
approximately 10 years and benefits from deep experience across
asset classes, proven sourcing relationships, and extensive
structuring and asset management capabilities. Since 2006, Fortress
Credit lender finance transactions have generated an unlevered,
mark-to-market gross return of 13.0%.
With capital commitments from 56 external investors, including
30 investors new to Fortress, FSLF expands both the product
offerings and investor base of the Fortress Credit and Real Estate
business, which managed over $18 billion at December 31, 2016.
About Fortress
Fortress Investment Group LLC is a leading, highly diversified
global investment firm with $69.6 billion in assets under
management as of December 31, 2016. Founded in 1998, Fortress
manages assets on behalf of over 1,750 institutional clients and
private investors worldwide across a range of credit and real
estate, private equity 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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version on businesswire.com: http://www.businesswire.com/news/home/20170503006684/en/
Fortress Investment Group LLCGordon E. Runté,
212-798-6082grunte@fortress.com
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