Fortress holds $1b close for opportunistic fund
Fortress Investment Group has raised $1 billion for its latest opportunistic credit real estate fund, Fortress Real Estate Opportunities Fund II, reaching its equity fundraising target.
With the completion of the capital raise, the Fortress Credit Real Estate funds have raised nearly $2 billion of new capital over the past 12 months.
Approximately 50 percent of FROF II’s commitments come from public and corporate pensions, endowments and foundations. Approximately 20 percent of the fund’s capital has been committed or invested already in the United States and Europe.
FROF II is a successor fund to FROF I and related funds, which launched in September 2011 with approximately $625 million in commitments.
Fortress’s Credit Real Estate Opportunities Funds are private equity–style funds that focus on opportunistic investments in distressed and undervalued commercial real estate assets, primarily in the United States and Eur