Fortress Investment Group LLC announced that the Company has replaced D.B. Zwirn & Co., L.P. as the manager of D.B. Zwirn’s funds and accounts. These funds will be renamed the Fortress Value Recovery Funds I. The transaction, which is estimated to add approximately $2 billion of assets under management to Fortress, was approved by D.B. Zwirn investors and closed today.
Certain members of D.B. Zwirn’s management team and approximately 100 of its professionals have joined Fortress or will be providing services to the Company. Berenson & Company served as financial advisor to D.B. Zwirn.
Fortress manages private equity funds and hedge funds. Fortress was founded in 1998.