Fortress holds $888m first close on Italian NPL fund

This is Fortress’ first dedicated fund for its Italian NPL strategy. 

Fortress Investments has raised at least $888 million for its first dedicated Italian non-performing loan fund, according to US Securities and Exchange Commission filings. Fortress held the first close for the vehicle on 23 December.

A market source with knowledge of the investment vehicle confirmed the first close separately with Private Debt Investor.

The filings do not disclose the fund’s target size. Fortress has been fundraising for the vehicle since last January, the source said.

In a 5 June presentation Fortress prepared for the KBW Asset Management Conference, Fortress disclosed that its private equity business was undergoing a strategic evolution that would include permanent capital in the form of Fortress-managed public companies and sector focused funds. Traditionally, Fortress’ private equity strategy has been diversified across funds that invested in multiple industries. An Italian NPL fund was among the sector-focused funds discussed in the presentation.

The filings list Fortress co-founders Wesley Edens and Randal Nardone as executive officers of the vehicle.

Fortress is a global investment manager with approximately $58 billion in assets under management as of 30 September. The firm’s businesses include private equity, credit, liquid markets and a traditional asset management segment.