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Report: Fortress raises US$2.8B for US, Japanese real estate funds at 1st close

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Report: Fortress raises US$2.8B for US, Japanese real estate funds at 1st close

New York-based Fortress Investment Group raised a combined US$2.8 billion in the first close of its latest opportunistic real estate funds focused on the U.S. and Japan, PERE News reported.

Fortress Japan Opportunity Fund IV, which had a US$1.25 billion fundraising goal, pulled in roughly US$1.5 billion, while Fortress Real Estate Opportunity Fund III brought in US$1.3 billion of its US$1.5 billion target, according to the report.

An unnamed source told the news outlet that the global investment firm is likely to raise additional capital of up to US$350 million in the next couple of months, which would increase the total for the two funds to more than US$3 billion.

The two funds mark Fortress' first fundraising efforts since its acquisition by SoftBank Group Corp. in December 2017.

Fortress did not comment on the matter, according to the publication.