Fortress Investment Group plans to take its maiden infrastructure vehicle public, Infrastructure Investor has learned.
A Fortress spokesperson confirmed that the firm plans to list its infrastructure fund, the Fortress Worldwide Transportation and Infrastructure Investors (FTAI).
The New York-based asset manager raised $995 million for the FTAI fund, which targets aviation, shipping, offshore energy and rail assets and infrastructure, including airplanes, jet engines, shipping containers, and inter-modal equipment.
Launched in 2011, FTAI was originally raised as a $395 million fund – an amount the asset manager reached in February 2013. But this initial close was followed by a subsequent ‘top up’ capital raise of $600 million of additional commitments, allowing it to reach its cap of $995 million.
In July, Infrastructure Investor reported that the San Bernardino County Employees’ Retirement Association (SBCERA) had approved an investment commitment of $50 million to the FTAI.
In April, the Washington State Investment Board (WSIB) made an initial investment commitment of up to $100 million plus another $50 million for follow-on investments. WSIB manages 17 state retirement and public funds.
Fortress was co-founded in 1998 by Edens, a former BlackRock Financial Management partner, along with Randall Nardone and Robert Kauffman, previously at UBS. The firm then launched a hedge fund business in 2002, and by the time the company held its initial public offering (IPO) in 2007, it had evolved into a diversified asset manager.
Today it manages approximately $63.8 billion on behalf of 1,600 institutional clients and private investors worldwide across a range of private equity, credit, liquid hedge funds and traditional asset management strategies. It is listed on the New York Stock Exchange.