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Benedicte Gravrand, Opalesque Geneva: Fortress Investment Group LLC, a private equity and hedge fund firm, closed the Fortress Japan Opportunity Fund III (FJOF III) to new capital on Tuesday. Investor subscriptions, in either USD or JPY, totalled approximately $1.1bn.
FJOF III is a successor fund to FJOF II and FJOF, which closed at their respective caps in December 2012 and June 2010. FJOF and FJOF II (Yen) generated annualized inception-to-date net IRRs of 32.3% and 23.5%, respectively, as of Sept. 30, 2015.
According to the announcement, Fortress’s Japan Opportunity funds primarily focus on opportunistic investments in distressed real estate-related debt and other assets in Japan. The funds seek to capitalize on dynamics related to significant deleveraging by financial institutions and near-term debt maturities: supply demand gaps, limited credit availability, price distortions, volatility and sales of non-core or distressed real estate-related assets.
The FT reported last month that a renewed plunge in property prices in Japan has fuelled expectations of a new era of distressed asset fire sales, an opportunity specialist funds have been hungrily eyeing. Indeed, with the exception of 2006 to 2008, commercial ...................... To view our full article Click here
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