Fortress raises $1.1b for third Japan special situations fund
Fortress Investment Group has closed its third Japan-focused special situations fund at the hard cap of $1.1 billion. Ten deals have already been completed with more than JPY17 billion ($140 million) deployed.
Fortress Japan Opportunities Fund III makes opportunistic investments in distressed real estate-related debt and other assets. It looks to take advantage of supply and demand gaps, limited credit availability, price distortions, volatility, and sales of non-core or distressed assets.
Since 2009, the firm's three Japan funds have committed more than JPY210 billion. Fund I closed in 2010 at $800 million and its successor closed at $1.6 billion two years later. The two vehicles have generated net IRRs of 32.3% and 23.5%, respectively.
Fortress was set up in 1998 and has $74.3 billion in assets under management on behalf of approximately 1,800 institutional clients and private investors. It covers private equity, credit, liquid hedge funds and traditional asset management strategies.
More on Credit/Special Situations
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.