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Laxman Pai, Opalesque Asia:

Abu Dhabi sovereign wealth fund Mubadala Investment Company and Fortress Investment Group LLC agreed to buy 90% of the Fortress Investment Group equity held by Japanese conglomerate SoftBank Group Corporation.

Mubadala Capital will increase its stake in Fortress Investment Group to 70%, with Fortress management holding 30% after a deal with SoftBank closes. Mubadala, which currently holds a 9.99% stake in Fortress through its Private Equity Funds II and II, will own a 70% stake.

According to a joint press release, 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 P......................

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