Fortress Investment Group has closed its first Yen denominated opportunity fund, Fortress Japan Opportunity Domestic Fund, at JPY75bn.
The close brings the fund all the way to its cap of USD800m.
The fund has already invested approximately JPY20bn (USD200m) in three transactions, and has committed to one additional transaction which is expected to close by the end of the second quarter.
The fund will invest primarily in real estate-related debt and other assets in Japan, and is expected to be fully invested over the next 12 months.
Daniel Mudd, Fortress’s chief executive officer, says: "This successful close exemplifies our ability to capitalize on market opportunities that are aligning with the foundational strengths of our company. Pete Briger and the Fortress Credit team have tremendous experience spanning a range of investment cycles in Asia. Our local operations in Tokyo and our ability to leverage global corporate resources provide a significant advantage in sourcing, executing and managing complex investments in Japan and the surrounding region. We appreciate the confidence our limited partners have placed in us and we look forward to delivering strong investment results on their behalf."
