Fortress Investment Group was able to successfully close their Fortress Secured Lending Fund in May 2017. The total of the capital that they accepted for the fund was $590 million. This is a considerably larger amount than the initial goal of $500 million. In the end, the fund ended up being overprescribed.
The fund is set to be the firm’s source of funding for their specialty finance lending. Since 2006, this part of the business of Fortress Investment Group has made more than 80 lender financing transactions valued at $5 billion. They want to be able to provide their clients with diversified senior loans that are attractive. Their senior team is led by Dominick Ruggiero who has been with the company for around 10 years. They have a lot of assets classes experience that will be vital to this fund’s success. View pitchbook.com to learn more.
These transactions have been able to return a return of 13% gross. There are 56 external investors as well as 30 new ones that have capital commitments to the fund. They will be able to offerings for those who are interested in this type of investment.
At the end of 2016, Fortress Investment Group managed assets valued at $69.6 billion. The company that was founded in 1998 was recently purchased by Japan-based company Soft Bank for $3.3 billion. While SoftBank owns the company, they will still be acting independently with the same branding and leadership. SoftBank trusts in the business model of the company as it has led them to success already. SoftBank was interested in acquiring the company as part of their plans to join the finance industry. They knew that the many years of experience the company had would help them to come up with the best strategies for their own proposed products.
Fortress Investment Group is headquartered in the state of New York. They see some big opportunities from joining the tech giant. SoftBank works with advanced telecommunications, smart robotics, artificial intelligence and much more. They are also involved in the clean energy industry. The SoftBank Vision fund was created in May 2017 and was guided by some of the experts at Fortress Investment Group.