Fortress Investment Group LLC and Mount Kellett Capital Management LP have formed a strategic alliance where a Fortress affiliate will become co-manager, along with Mount Kellett, of the Mount Kellett investment funds. Fortress affiliates will also become special limited partners of the Funds. Financial terms weren’t announced.
NEW YORK–(BUSINESS WIRE)–Fortress Investment Group LLC (NYSE:FIG) (“Fortress”), a leading, diversified global investment management firm, and Mount Kellett Capital Management LP (“Mount Kellett”), a private, multi-strategy investment firm, today announced they have reached an agreement for an affiliate of Fortress to become co-manager with Mount Kellett of the Mount Kellett investment funds and related accounts (collectively, the “Funds”). Mount Kellett affiliates will continue to serve as general partner of the Funds. Additionally, affiliates of Fortress will become special limited partners of the Funds. Financial terms of the transaction were not disclosed.
The strategic alliance between Mount Kellett and Fortress brings together teams with significant special situations experience and sector specific knowledge, particularly in credit and global real estate. Mount Kellett will benefit from the scale and resources contained within the institutional framework of Fortress, a global alternative asset manager with $69.9 billion in assets under management. The senior leadership of both companies have a decades-long history of working together.
“We are pleased to join with Mount Kellett and their experienced team of investment professionals who possess deep knowledge of special situations and opportunistic investing,” said Peter L. Briger, Jr., Fortress Principal and Co-Chairman of the Board of Directors. “In addition, we have worked with Mark McGoldrick for decades and are pleased to be able to do so again.”
“Fortress has a world class Credit business, with exceptional people, disciplined investment acumen, a deep understanding of our strategies and a strong institutional framework,” said Mark McGoldrick, Chief Investment Officer of Mount Kellett. “We are very pleased to be partnering with Fortress. Our investors will benefit from the access and support of a global operational platform and the combined asset management expertise of the Mount Kellett and Fortress teams across the distressed and special situations spectrum.”
The transaction is subject to receipt of Mount Kellett investor consent and certain other approvals and the execution of definitive agreements. The transaction is expected to close on or about June 30, 2015.
Fortress Investment Group LLC (NYSE:FIG) is a leading, diversified global investment management firm with $69.9 billion in assets under management as of March 31, 2015. Fortress applies its deep experience and specialized expertise across a range of investment strategies – private equity, credit, liquid hedge funds and traditional asset management – on behalf of approximately 1,700 institutional clients and private investors worldwide. For more information regarding Fortress Investment Group LLC or to be added to its e-mail distribution list, please visitwww.fortress.com.
About Mount Kellett:
Mount Kellett is a multi-strategy private investment firm focused on global value, special situations and opportunistic investing across asset classes and industries, including real estate. The firm is headquartered in New York. The firm currently has approximately $5 billion in assets under management.
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