Fortress Investment Group is targeting as much as $8 billion for its latest credit opportunities fund, which will invest in areas ranging from distressed debt to structured credit, according to a person with knowledge of the matter.
The fund, which is being marketed as Fortress Credit Opportunities Fund VI, is expected to have its first close in November, said the person, who asked not to be identified discussing confidential information.
Fortress hit its $6 billion cap on the strategy’s prior vintage, which closed in 2019. The firm raised an additional $7 billion in 2020 for an expansion of that fund that was created to capture opportunities during the Covid-19 pandemic, the person said.
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