New
York-based hedge and private equity fund manager Fortress has sold a 15 per
cent stake to the Japanese securities house Nomura Holdings. The price values
Fortress at $6 billion, with Nomura paying $888 million for its stake.
Under the
deal, expected to close in January, Nomura will take ownership of Class A
shares and the proceeds will go to the Fortress principals.
New
York-based Fortress, established in 1998, has around $26 billion in assets
under management, including $9.4 billion of hedge funds and $13.6 billion of
private equity funds.
The deal
follows Nomura’s declared ambition to
reduce its reliance on Japanese stock trading. Last month the firm bought
complete control of global agency broker Instinet.
Last month
Fortress announced it was aiming to raise $750 million through an IPO in which
it would sell ten per cent of its stock.