JPMorgan Private Equity has announced that the it is in discussions to potentially transfer the existing investment management contract from JPMorgan Asset Management to an affiliate of Fortress Investment Group LLC. As part of the deal, JPEL’s Board understands that the investment management team that has been responsible for managing the fund since its inception in 2005 (led by Troy Duncan and Greg Getschow), will move from JPMorgan Asset Management to the credit business of Fortress. They aren’t planning any change to the investment strategy.
Fortress Investment Group LLC is a highly diversified global investment firm with $72.0 billion in assets under management as of June 30, 2015. Founded in 1998, Fortress manages assets on behalf of approximately 1,700 institutional clients and private investors worldwide across a range of private equity, credit and real estate, liquid hedge funds and traditional asset management strategies. Fortress is publicly traded on the New York Stock Exchange (NYSE: FIG).
Fortress’s Credit business was launched in 2002 by Pete Briger. Today, the Fortress Credit team consists of over 400 professionals and is focused on investing globally, primarily in undervalued assets and distressed and illiquid credit investments. The investment team, led by Co-CIOs Pete Briger and Dean Dakolias, has a long and established track record investing throughout a number of credit and distressed cycles around the world. With over 85 professionals dedicated to asset management in over 15 geographic locations, the Fortress Credit team also has the experience and expertise to manage and service assets with operational complexity.
JPEL : JPMorgan Private Equity team moving to Fortress