Fortress Investment Group has formed an alliance with Mount Kellett Capital Management under which a Fortress affiliate will become co-manager with Mount Kellett of the Mount Kellett investment funds and related accounts.
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Under the alliance, Mount Kellett affiliates will continue to serve as general partner of the funds, while Fortress affiliates will become special limited partners of the funds.
Mount Kellet chief investment officer Mark McGoldrick said: "Fortress has a world class Credit business, with exceptional people, disciplined investment acumen, a deep understanding of our strategies and a strong institutional framework.
"We are very pleased to be partnering with Fortress. Our investors will benefit from the access and support of a global operational platform and the combined asset management expertise of the Mount Kellett and Fortress teams across the distressed and special situations spectrum."
The transaction, subject to Mount Kellett investor approval and other approvals, is scheduled to close on or about 30 June 2015.
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