Skip to content Skip to Search
Skip navigation

Mubadala to buy majority stake in US asset manager 

Mubadala
The green bond offers a yield of 6.03 percent and coupon at 5.875 percent

Abu Dhabi’s Mubadala Investment Company’s subsidiary will acquire a majority stake in US asset manager Fortress Investment Group.

Mubadala Capital will acquire 90.01 percent of the equity of Fortress, which is currently held by SoftBank Group Corporation.

The deal’s financial terms were not disclosed, Mubadala and Fortress Investment said in a joint statement.

Following the deal’s completion, Fortress management is likely to own a 30 percent equity interest in the company along with a class of equity entitling Fortress management to appoint a majority of seats on the board.

Mubadala Capital, which currently holds a 9.99 percent stake in Fortress through its private equity funds II and III, will own 70 percent of Fortress equity.

Fortress will appoint Drew McKnight and Joshua Pack as co-CEOs and Pete Briger as chairman, the statement noted.

Mubadala Capital’s CEO and managing director, Hani Barhoush, who has served on Fortress’ board since 2019, will hold his position.

Under the new joint ownership, Fortress will focus on developing credit and real estate across public and private markets, where it currently manages $46 billion of assets on behalf of more than 1,900 institutional investors and private clients.

Latest articles

2KEY8G1 Emirates Airline Airbus A380 aircraft landing. Aerial view of Emirates Airlines A380-800 airplane. An Emirates plane coming in to land at LAX; a spokesperson for Emirates said the contraventions were for safety reasons

US fines Emirates for operating in prohibited airspace

Emirates has been fined $1.5 million by the US Transportation Department for operating flights carrying JetBlue Airways’ JBLU.O designator code in prohibited airspace. The transportation department said that between December 2021 and August 2022, Emirates operated a significant number of flights carrying the JetBlue Airways code between the United Arab Emirates and the United States […]

Egypt will use the US funding across a range of sectors including agriculture

US allocates $130m development funding to Egypt

The US has allocated funding of $130 million for a range of developmental projects in Egypt, it was announced on Thursday. In a press release published by the US Embassy in Cairo, ambassador Herro Mustafa Garg said that the money would go towards “advancing Egyptian efforts to achieve a brighter, healthier, and more prosperous future […]

Hollywood actor Leonardo DiCaprio. A US VC fund backed by him plans to invest $50m in Mena climate tech startups

US firm to invest $50m in Mena climate tech

A US venture capital firm backed by Hollywood actor Leonardo DiCaprio plans to invest $50 million in Mena climate tech startups over the next five years. Princeville Capital is targeting mature startups with strong growth potential, facilitating quick exits and a clear path to profitability, its co-founder Joaquin Rodriguez Torres told AGBI. The firm has […]

Adult, Female, Person

Private jets to flamingos: the personal shopping lists of the super rich

The luxury e-commerce retailer Pastor & Co, which boasts it can supply clients with everything from Picasso paintings to swans, is aiming to pass $10 million in profits this year, buoyed by strong interest from the rich and famous across the Mena region. The personalised shopping service gets requests to source anything from a rare Fendi […]