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Investors - FEBRUARY 20, 2013

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VRS invests $50 million in Japan-focused fund

by Andrea Waitrovich

The $55.5 billion Virginia Retirement System (VRS) has approved a $50 million commitment to Fortress Japan Opportunity Fund II (FJOF II), a $1.65 billion distress-focused fund managed by Fortress Group. The commitment was made before the value-added/opportunistic fund’s final close in December 2012.

FJOF II focuses on real estate–related debt and other assets in Japan, seeking to capitalize on the dynamics related to deleveraging by financial institutions and near-term debt maturities. When the final close was announced, the fund had already made 10 investments with approximately ¥30 billion ($320 million) of net invested capital. It is expected to be fully i

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