Fortress Investment Group has closed opportunistic credit real estate fund Fortress Real Estate Opportunities Fund II at its $1 billion hard cap, spokesman Gordon E. Runte said in an e-mail.
Fortress executives began raising the fund in 2014. The new fund is 63% larger than Fortress’ first opportunistic credit real estate fund, the $625 million Fortress Credit Real Estate Opportunities Fund I. Fortress had collected a total of $2 billion in capital commitments for real estate strategies including $800 million for its Japan Opportunities fund III, according to a Feb. 26 earnings call.
Nearly half of the fund’s commitments are from public and corporate pension funds, endowments and foundations. Investors include the $20 billion San Francisco City & County Employees' Retirement System, which committed up to $75 million in January.
