London, November 4, 2024 – Fortress Investment Group (“Fortress”) today announced the pricing of Fortress Credit Europe BSL 2024-1, its first European Collateralized Loan Obligation (“CLO”) vehicle. The CLO, managed by Fortress affiliates, raised €450 million to invest in loan securities.
“We’re pleased to bring a Fortress CLO strategy to Europe for the first time,” said Rahul Ahuja, Co-Head of European Credit. “This transaction is part of our ongoing plan to expand our European credit business through the thoughtful addition of strategies that offer investors new opportunities. We believe we can offer investors differentiated investing opportunities – like this CLO – given the combined power of Fortress’s global experience as a leading credit investor and our established European platform.”
Due to strong investor demand, the transaction size was increased by €50 million from the initial guidance. The capital was successfully raised from a diverse group of investors.
Fortress Credit Europe BSL 2024-1 is primarily comprised of senior secured, first lien, broadly syndicated loans, with underlying diversity from issuer geography and industry sector. Fortress Credit Europe BSL 2024-1’s reinvestment period is 4.6 years.
Regang Ou, Managing Director, added, “We saw strong investor demand for this transaction – which we believe was driven by the strength of the Fortress brand. We are delighted with the execution of this first transaction from our new European CLO strategy.”
About Fortress Investment Group
Fortress Investment Group LLC is a leading, highly diversified global investment manager. Founded in 1998, Fortress manages $48 billion of assets under management as of June 30, 2024, on behalf of approximately 2,000 institutional clients and private investors worldwide across a range of credit and real estate, private equity and permanent capital investment strategies.
