Fortress Investment Group LLC has announced the successful close of Fortress Worldwide Transportation and Infrastructure Investors (FTAI) at its cap of $995 million in total commitments. FTAI was originally raised as a $395 million fund; this was followed by a subsequent "top up" private capital raise of $600 million of additional capital commitments.San Bernardino Country Employees' Retirement Association was one of the pension funds that opted to commit $50 million to the fund.
FTAI brings together a diverse mix of high yielding transportation assets and value-add infrastructure projects. Its portfolio includes aviation, shipping, offshore energy and rail assets and infrastructure, including airplanes, jet engines, shipping containers, intermodal equipment, offshore energy vessels, as well as railway lines, railcars and terminals.
Wes Edens, Fortress Co-Chairman and Head of Private Equity, said:
"The environment for investing in transportation assets and infrastructure remains strong. We're pleased with the Fund's investments to date, and so are our investors, as evidenced by this successful "top up" capital raise. We expect FTAI's portfolio to continue to expand and diversify, driving value for investors and focusing on investments that have strong long term growth potential."
On January 3rd, 2014, Fortress submitted a preliminary prospectus to the US Securities and Exchange Commission announcing a $100 million IPO of its infrastructure fund. The document showed that the IPO would be underwritten by Barclays and Deutsche Bank Securities. However, the IPO finally did not take place.