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Alternative Market Briefing

Fortress closes third Japan Opportunity fund after raising $1.1bn

Wednesday, November 04, 2015

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 ......................

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