Abu Dhabi sovereign wealth fund Mubadala has become the majority owner of USD asset manager Fortress Investment Group.
The firm, which was launched in 1998 and had roughly US$46 billion in assets under management, has been sold to Mubadala and its own employees by its previous owner, Japanese investment group SoftBank.
The decision to sell was motivated by SoftBank’s stated aim to narrow its investment focus and concentrate on advanced technology.
Under the terms of the deal, Mubadala will acquire 70% of the company, while Fortress employees, including co-founder Pete Briger, will own the remaining 30%.
The employees will also retain the right to become majority owners, depending on financial performance.
It was not disclosed how much Mubadala paid for its majority stake.
©2023 funds global mena