Fortress Targets $3 Billion for New Credit Opportunities Fund
- Firm touts 34% return rate from fund launched in 2008 crisis
- SoftBank-owned Fortress’s credit arm is led by Pete Briger
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Fortress Investment Group is talking to investors about raising at least $3 billion for a new credit fund as it anticipates forced selling and broader illiquidity as companies around the world grapple with the Covid-19 pandemic.
The New York-based firm this week began sounding out interest in a vehicle known as Fortress Credit Opportunities Fund V Expansion, according to people with knowledge of the matter, who requested anonymity because the information is private. The firm could raise $5 billion or more depending on demand, one of the people said.