Saturday, April 20, 2024

Mubadala replaces SoftBank as Fortress owner

  • Mubadala replaces SoftBank as owner of Fortress, the credit and real estate, private equity and permanent capital manager
  • Sign up to AFI’s free industry briefings here. Access our intel package of the 64 largest hedge funds managing $10bn+ here.

Mubadala Investment Company has acquired a 70% stake in Fortress Investment Group, the $46bn alts firm, with previous owner SoftBank Group exiting after six years.

It is the latest step into alternatives by the $284bn Abu Dhabi sovereign wealth fund, via its asset management unit Mubadala Capital.

Fortress management will have 30% of the company post-deal. Drew McKnight and Joshua Pack will be appointed co-CEOs of Fortress and Pete Briger chairman.

Mubadala Capital’s CEO and managing director, Hani Barhoush, will retain his board set held since 2019.

Barhoush said Fortress was established “as a premier credit and asset investor while simultaneously growing investment strategies across a wide range of asset classes.”

Briger told the FT that market ructions had created the best opportunities for distressed asset opportunities since the financial crisis.

The deal is subject to regulatory agreement.

See recent Mubadala coverage on AFI: