FT reported on the sale of Fortress Investment Group to Mubadala Investment Company, an Abu Dhabi sovereign wealth fund for approximately $3 billion. Softbank purchased the private equity underwriter (PEU) in 2017 for $3.3 billion.
Fortress was the first large private capital firm to go public, listing its shares in early 2007. It spurred a wave of similar offerings as Blackstone, KKR, Apollo and Carlyle all eventually went public.
Fortress founder Wes Edens will step down as co-CEO.
Mubadala took a 7.5% stake in Carlyle in September 2007. A year later the Financial Crisis struck. Mubadala added to their Carlyle Group holdings in 2011.
I hope their timing is better regarding Fortress.
