Report: Fortress Targets $1B for Second Litigation Finance Fund

Fortress Investment Group is aiming to raise $1B for the sophomore fund under its legal assets strategy, Bloomberg reported January 30, citing people familiar with the matter.

At the targeted amount, Fortress Legal Assets Fund II would be double the size of its predecessor, which closed in 2021, the unnamed sources noted. Fortress Capital Formation marketed Fortress Legal Assets Fund I, according to separate filings with the SEC.

Under its legal assets strategy, Fortress provides financing to corporate litigants and law firms interested in the management of legal claims-linked costs and risks. It also invests in other legal finance platforms through transactions structured as debt, asset/flow purchases, structured/preferred equity, minority equity or majority equity.

In its 11 years in the legal assets business until year-end 2023, the investment manager has completed more than 100 direct investments and made $6.8B in total commitments, according to its website.

Source:

https://news.bloomberglaw.com/us-law-week/fortress-targets-1-billion-for-latest-litigation-finance-fund