Fortress Management and Mubadala to Acquire Fortress Investment Group
22.5.2023 15:00:00 EEST | Business Wire | Press release
Fortress Investment Group (“Fortress”) and Mubadala Investment Company, through its wholly owned asset management subsidiary Mubadala Capital (“Mubadala Capital”), today announced that they have entered into definitive agreements to acquire 90.01% of the equity of Fortress that is currently held by SoftBank Group Corp. (“SoftBank”), who have been the owners of Fortress since 2017. Terms of the deal were not disclosed, and the deal is subject to customary closing conditions and regulatory approvals.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230522005259/en/
After transaction close, Fortress management is expected to own a 30% equity interest in the company and will hold a class of equity entitling Fortress management to appoint a majority of seats on the board. Mubadala Capital (which currently holds a 9.99% stake in Fortress through its Private Equity Funds II and III), will own 70% of Fortress equity.
After the closing, Fortress will continue to operate as an independent investment manager under the Fortress brand, with full autonomy over investment processes and decision making, personnel and operations. Drew McKnight and Joshua Pack will be appointed co-CEOs of Fortress and Pete Briger will be appointed Chairman. Mubadala Capital’s CEO and Managing Director, Hani Barhoush, who has served on Fortress’ board since 2019, will continue to serve on the board.
Dean Dakolias will continue in his role as Managing Partner and Tom Pulley will continue in his role as the CEO of the global Fortress Real Estate business. Jack Neumark has been appointed a Managing Partner and will continue to lead the Legal Assets business and co-head the Specialty Finance business, and Marc Furstein will continue in his role as President. Fortress co-Founders Wes Edens and Randy Nardone will continue to oversee the PCV business and remaining PE investments, including Brightline.
Under the new joint ownership, Fortress is expected to generate significant value for its stakeholders by further establishing itself in the alternative investment space, particularly in credit and real estate across public and private markets, where it currently manages $46 billion of assets on behalf of more than 1,900 institutional investors and private clients. Fortress is expected to benefit from Mubadala Capital’s global network and extensive portfolio of diversified assets, as well as its access to proprietary investment opportunities to support its growth and expansion.
Fortress’ Pete Briger, Drew McKnight and Joshua Pack said in a joint statement: “We are extremely pleased to deepen our relationship with Mubadala, partnering with one of the world’s most sophisticated investors in a transaction that will provide significant long-term benefits to our company, our employees and the clients we serve. We have worked closely with Mubadala for years and have enormous respect for their investment acumen and discipline. We view Mubadala’s further investment as an affirmation of the business model and investment approach we have embraced for more than 20 years, and—at a time when market dynamics are better aligned than ever before with our experience and expertise— we could not be more excited about the future of Fortress.”
Hani Barhoush, CEO and Managing Director of Mubadala Capital, said: “Fortress is a world-leading investment manager with a proven track record of delivering superior risk-adjusted returns to its investors throughout business cycles. Over the last 20 years, they have built an incredible franchise and established themselves as a premier credit and asset investor while simultaneously growing investment strategies across a wide range of asset classes. We have a strong existing relationship with Fortress’ exceptional management team, and are excited to deepen the relationship further in the years ahead based on a strong alignment of vision, while delivering even greater value to our investors.”
The transaction is expected to close in the first quarter of 2024, subject to regulatory approvals.
Ardea Partners served as financial advisors and Shearman & Sterling served as legal counsel to Mubadala.
Goldman, Sachs & Co. LLC served as financial advisor and Kirkland & Ellis served as legal counsel to Fortress senior management in the transaction. Skadden, Arps, Slate, Meagher & Flom LLP represented Fortress in the transaction.
The Raine Group served as exclusive financial advisor and Morrison Foerster served as legal counsel to SoftBank.
About Fortress Investment Group
Fortress Investment Group LLC is a leading, highly diversified global investment manager. Founded in 1998, Fortress manages $45.8 billion of assets under management as of December 31, 2022, on behalf of over 1,900 institutional clients and private investors worldwide across a range of credit and real estate, private equity and permanent capital investment strategies.
About Mubadala Capital
Mubadala Capital is the asset management subsidiary of Mubadala Investment Company, a leading global sovereign investor headquartered in Abu Dhabi. In addition to managing its own balance sheet investments, Mubadala Capital manages c. $20 billion in aggregate across its own balance sheet investments and in third-party capital vehicles on behalf of institutional investors, including four private equity funds, three early-stage venture funds and two funds in Brazil focused on special situations.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230522005259/en/
Contact information
Media:
Mubadala
Salam Kitmitto
sakitmitto@mubadala.ae
+971 50 276 9286
Fortress
Gordon Runte
grunte@fortress.com
+1 917 981 1246
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Blue Matter Launches Behavioral Science Center of Excellence to Decode and Predict Health Care Decisions in a Rapidly Evolving Biopharma Landscape30.9.2026 16:00:00 EEST | Press release
Blue Matter today announced the launch of its Behavioral Science Center of Excellence (BeSci CoE), a specialized capability within the Blue Matter Insights primary market research team. The CoE applies behavioral science as a strategic lens to decode the “why” behind the decisions made by healthcare professionals, patients, care partners, and other stakeholders. Biopharma decisions hinge on knowing why customers do what they do. Traditional research does a good job of capturing what stakeholders say but often misses the unconscious drivers, biases, emotions, and contexts that shape behavior. The result is an incomplete picture in the moments where clarity matters most, including when developing positioning strategies, planning product launches, and making major lifecycle decisions. "You don't need a survey to tell you that physicians see efficacy as the most important treatment decision driver," said Andrew Pilecki, Ph.D., Senior Market Research Director at Blue Matter. "What our clien
934 Embeds Bluefin Payment Security into Juno to Advance Secure, Connected Hospitality Payments30.9.2026 16:00:00 EEST | Press release
Bluefin, a global leader in payment and data security, and 934, a global provider of connected payment technology for the hospitality industry, today announced a partnership to integrate Bluefin’s payment security capabilities into Juno, 934’s hospitality payment platform. Hospitality businesses increasingly operate across connected payment environments spanning hotels, restaurants, resorts and other guest experiences. Behind those interactions are multiple systems, workflows and payment technologies that must work together while protecting sensitive payment data. Juno is designed to connect those experiences through a unified hospitality payment environment. By incorporating Bluefin’s security technology into the platform architecture, 934 can provide customers globally with access to PCI-validated point-to-point encryption (P2PE) for card-present payments and tokenization for protecting sensitive payment data. The result is a security-first approach in which payment protection is bui
Blackfuel Emerges From Stealth with More Than $250 Million in Contracted Revenue to Build a Global AI Token Grid30.9.2026 16:00:00 EEST | Press release
Blackfuel today emerged from stealth with more than $250 million in contracted revenue under multi-year customer agreements, unveiling its ambition to build a global AI Token Grid. Pioneering the AI Token Grid, Blackfuel is building a network of architecture-specific accelerator clusters connected through a common software and commercial layer, designed to turn dedicated compute into measurable, reservable AI output. By collaborating with AMD and NTT DATA, Blackfuel is developing its European-operated inference capacity, beginning with a GPU cluster currently being delivered in Europe. "The cloud was built around virtual machines. The next infrastructure layer will be built around tokens. We are building Blackfuel to become one of the world's defining AI compute companies, starting with our first deployments in Europe. That means bringing industrial-scale infrastructure, software and capital together so customers can buy intelligence with the same predictability with which they buy pow
Visioneering Technologies' New Contact Lens Trial Shows Landmark Results in Slowing Children's Nearsightedness30.9.2026 15:59:00 EEST | Press release
Visioneering Technologies, Inc. (VTI), a medical device company that designs and markets specialty contact lenses, will announce completed three-year results from PROTECT, a prospective, double-masked, multinational randomized controlled trial evaluating the company's NaturalVue® (etafilcon A) Multifocal 1 Day Contact Lens for slowing the progression of myopia, or nearsightedness, in children. Ashley Tuan, OD, MS, PhD, VTI's Chief Medical Officer, will present the full findings at the American Academy of Optometry's annual meeting in Anaheim. Myopia develops when a child's eye grows too long, causing distant objects to appear blurry, and it typically worsens through childhood. Faster progression is associated with a higher lifelong risk of more serious eye conditions, including retinal detachment and myopic maculopathy, a leading cause of permanent vision loss. Slowing that progression, even modestly, is considered clinically meaningful.3,4 Over three years, children who wore NaturalVu
Lyft App Launches in Europe30.9.2026 15:00:00 EEST | Press release
Starting today, Lyft (NASDAQ: LYFT) riders can use their Lyft app in cities across Europe. Early access to the Lyft app rolls out in Barcelona and Hamburg first; throughout October, the Lyft app will become available for riders to use in some of Europe’s largest cities including London, Rome, Paris, Berlin, Athens, and Warsaw. By the end of October riders visiting Spain, Italy, Greece, Poland, England, Scotland, Ireland, Austria, France, and Germany will have one go-to app when they cross the Atlantic, building on the foundations from this past summer beta testing the Lyft app in Europe. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260930010726/en/ The Lyft app is now available in Europe “Millions of riders across North America trust Lyft to get them where they’re going every day. Now that same app works the moment they land in Europe. No need to download anything new,” said Sid Patil, Lyft’s Chief Rideshare and Marketplac
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom