Latest news with #Fortress
IOL News
3 days ago
- Automotive
- IOL News
Suzuki Auto South Africa breaks ground on new head office and distribution centre
Suzuki Auto South Africa, in partnership with real estate group Fortress, has begun construction on a new state-of-the-art head office and distribution centre at Longlake Logistics Park in Gauteng, marking a significant step in the Japanese automaker's expansion in the region. The sod-turning ceremony, held on May 21, celebrated Suzuki's 17 consecutive years of sales growth and underscored its commitment to the South African market. The 24 507m² facility, set for completion by mid-2026, will replace the company's current headquarters at Linbro Business Park. The new site will feature 19 100m² of warehousing with a 15m clear height for optimized storage, alongside 2 900m² of modern office space, training facilities, boardrooms, a workshop, and a 100-seater canteen. Designed to support efficient logistics, the facility includes large yards and easy vehicle access.
Zawya
3 days ago
- Business
- Zawya
More private credit partnerships likely between GCC sovereigns and asset managers
Asset managers are still assessing the impact of the US trade tariff announcements on private credit, but more partnerships between sovereigns and asset managers in the GCC are likely in the asset class. While equities were gripped by volatility in response to the wide-ranging tariffs in April, the impact on credit was different, particularly as the US administration delayed proposed charges in response to a US Treasury selloff. Richard Miller, Group MD and CIO of US-based asset manager TCW, which opened a DIFC office last year, described the tariffs as 'not helpful' and said, 'Economic activity one thing it cannot take is uncertainty, and [the tariffs have] caused a great deal of uncertainty.' Despite the US administration pausing its 145% tariff on China, the uncertainty surrounding it has not gone away, yet this may boost private credit, as senior secured lending is often viewed as a safe harbour. 'It's a time of volatility, and you want to be in safer investments, less risky investments, more senior in the cap stack,' Miller said. 'But I don't know that it's just 'close your eyes and go to private credit'. Manager selection always matters.' Enter Abu Dhabi sovereign Mubadala, which recently announced a $1-billion deployment of private credit and asset-based lending with US firm Fortress, in which it owns a stake as of 2024. Wael Younan, TCW's Middle East co-head of sovereign wealth management based in the DIFC, said there are increased discussions with sovereign wealth funds on allocations to private credit. He added that there are now more private credit teams and allocations which is a strategic long-term focus. 'Liquidity is going to be needed; it's about what they can do with the existing public market pool, as they're building on their private allocation, and how much yield can they get on the public side,' he said. 'That is that balance that you're going to see more and more of these sovereign wealth funds seeking,' he said. More partnerships between sovereign wealth funds and asset managers are likely, he added. Moody's recently downgraded the USA's last perfect credit rating from AAA to Aa1. Its recent report on emerging market exporters said the MENA's direct exposure to US tariffs is limited by most of its exports not being subject to tariffs. But oil and gas and petrochemical companies would be hurt by slowing global economic activity and lower oil prices. Sustained depressed hydrocarbon prices would lead to lower government spending, which could slow domestic economies. A significant global slowdown could weaken demand for real estate in the GCC, particularly in the UAE. Growth for the MENA banking sector will become more difficult if economic activity slows and lending margins compress, Moody's said. Dan Farley, CIO, Investment Solutions Group, State Street Global Advisors (SSGA), said recent events had parallels to President Trump's first term, including a tendency to go back and forth on negotiations, although fundamentals played themselves out. SSGA saw the initial tariff announcement as a starting point rather than the end point, a forecast which is, so far, proving correct. 'What we're not saying is 'ignore it', nor are we saying 'don't worry about the long term'. Where we have discretion to manage asset allocation, we have reduced the risk in portfolios, we have gone underweight to equities, relevant to our benchmark, and put some more money in fixed income as a good diversifier. We continue to be overweight on gold,' Farley said. Private credit has allowed investors to pick up incremental returns in their portfolio at somewhat similar risk levels to public investment. While they are not exactly the same in publics and privates, in many cases they are somewhat similar, Farley said. There may be concerns about the short-term impact of a potential economic slowdown and its impact on creditworthiness. But as a strategic asset, he said, private credit is here to stay. (Reporting by Imogen Lillywhite; editing by Seban Scaria)
Zawya
16-05-2025
- Business
- Zawya
Fortress appoints Charles Spetka to lead Middle East Office
Abu Dhabi, UAE – Fortress Investment Group ('Fortress'), a leading global investment management firm, is pleased to announce Charles Spetka is rejoining the organization as Head of its Middle East office. Mr. Spetka will lead all Middle East operations from the firm's newly established Abu Dhabi office, the opening of which was announced yesterday. Fortress's new office in the Abu Dhabi Global Market (ADGM) marks a significant milestone in the firm's commitment to expanding its footprint in the Gulf region, building a stronger presence in one of the world's most dynamic investment markets. Based in the UAE for the past five years, Mr. Spetka brings over 20 years of experience in investment management and real estate finance. Mr. Spetka was the CEO of CW Financial Services, a real estate business acquired by Fortress; following nearly eight years at Fortress, Mr. Spetka transitioned to board member roles for several Fortress portfolio companies including DoValue, Mammoth Freighters and Aspire MRO. He has also led major initiatives in asset management and capital markets, particularly in non-performing loan businesses and commercial real estate finance. "I am excited to take on this new role and lead Fortress's strategic expansion in the Middle East region," said Mr. Spetka. 'Having lived in the region for the past five years and having been part of the Fortress franchise for about 15 years, I am confident in our ability to build a highly successful operation in Abu Dhabi Global Market, especially as we tap into the exceptional local talent. Our focus will be on both raising capital from and investing capital in the region across a variety of sectors, as we seek to support the development of the Gulf's already dynamic economies, bring their growing expertise to economies across the globe.' 'We're delighted to welcome Chuck back to Fortress,' added Drew McKnight and Josh Pack, Co-CEOs of Fortress. 'His knowledge of the region and of the Fortress franchise will be a significant boost in helping us quickly scale our new Gulf operations. We look forward to developing ever-deeper relationships with capital partners, securing investment opportunities, and building relationships with other important stakeholders across the region.' As Head of the Middle East, Mr. Spetka will oversee growth and operations, with an emphasis on expanding investment activities and capital-raising efforts across the region. He will represent Fortress in strategic engagements, strengthen partnerships, and leverage the region's abundant talent to identify and pursue investment opportunities in collaboration with local partners. Fortress's new office in Abu Dhabi is part of the firm's broader strategy to expand its global operations and serve the increasing demand for investment opportunities in the Middle East. Fortress will focus on creating long-term value by collaborating with local partners and identifying high-potential investments across various sectors, including real estate, infrastructure, and technology. About Fortress Investment Group Fortress Investment Group LLC is a leading, highly diversified global investment manager. Founded in 1998, Fortress manages $50 billion of assets under management as of 31 December 2024, on behalf of approximately 2,000 institutional clients and private investors worldwide across a range of credit and real estate, private equity and permanent capital investment strategies. AUM refers to assets Fortress manages, including capital that Fortress has the right to call from investors, or investors are otherwise required to contribute, pursuant to their capital commitments to various funds or managed accounts.
The National
14-05-2025
- Business
- The National
US investment managers Fortress and Kimmeridge open offices in Abu Dhabi in push for deals
Global investment manager Fortress, backed by the UAE's Mubadala Investment Company, and Kimmeridge, a New York-based alternative asset manager focused on the energy sector, also with ties to Mubadala, will open offices in Abu Dhabi's financial free zone to explore regional deals. With the move, the two US companies will join a stream of international firms tapping into the Middle East's growing investment scene. US-based Fortress, which has $50 billion in assets under management, has received permission from the Financial Services Regulatory Authority at ADGM to undertake activities, it said on Wednesday. The company said it will use its base in Abu Dhabi's financial centre to expand its local footprint, deepen relationships with regional investors and accelerate co-investment across private credit, real estate and asset-based strategies. 'Our decision to establish an office in Abu Dhabi is a strategic step that reflects our conviction in the Gulf as a long-term investment and capital partner,' said Drew McKnight, co-chief executive and managing partner at Fortress. 'The region is increasingly influential in shaping the future of global private markets.' In 2023, Mubadala, Abu Dhabi's strategic investment arm, announced the acquisition of a majority stake in Fortress. The deal was completed in May last year. Fortress is the latest addition to a growing list of asset managers, insurers, financial institutions and investment houses that have set up office in Abu Dhabi, as the UAE capital continues to boosts the financial sector to support its economic diversification plans. ADGM, established in 2015, is one of the world's fastest-growing financial districts. It has recorded rapid growth as Abu Dhabi focuses on attracting more international companies and investors. Some of the major names within the asset management sector that have been granted financial services licences include BlackRock, Stonepeak, AXA IM, PGIM, Eiffel Investment ME, GQG Partners, SS & C Financial Services and Morgan Stanley. ADGM has announced new measures to attract more companies to the financial centre. Last year, the free zone said it planned to cut commercial registration licence fees for certain categories while raising them for others, as part of its transitional strategy after the financial district expanded to include Reem Island under its jurisdiction. New York-based BlackRock, the world's top asset manager with nearly $11.5 trillion in assets under management, in November received a commercial licence to operate in ADGM. In September, Stonepeak, a US-based alternative investment company, with $71.2 billion of assets under management, received regulatory approval to set up base at ADGM, to arrange and advise on investment opportunities in the UAE. Also in September, ADGM welcomed its first trillion-dollar asset managers: PGIM, the global asset management business of the New York Stock Exchange-listed Prudential Financial, and Chicago investment firm Nuveen, with both aiming to expand their operations and client bases in the Middle East. Last month, Fortress Investment Group and Mubadala entered into a partnership to invest $1 billion from Mubadala in a range of Fortress's existing private credit, asset-based lending and real estate strategies alongside Fortress's existing pools of capital. The ADGM office will serve as a 'key hub' for executing on that mandate and exploring new opportunities across the region, Fortress said. 'Being on the ground in the Gulf gives us a direct connection to some of the world's most forward-looking institutional partners and enables us to collaborate with greater scale and speed,' said Joshua Pack, co-chief executive and managing partner at Fortress. Founded in 1998, Fortress invests on behalf of approximately 2,000 institutional clients and private investors across credit and real estate, private equity and permanent capital investment strategies. Meanwhile, Kimmeridge, which also has offices in Denver and London, received a category 4 licence from ADGM's FSRA for its Abu Dhabi office to advise and arrange transactions and investments, it said on Wednesday. The new ADGM office strengthens Kimmeridge's role as a 'gateway for energy investments' between the US, the UAE and the wider region, the company said. The move follows Mubadala Energy acquiring a stake in a company backed by Kimmeridge last month in a bid to enter the US upstream gas market. The energy unit of the UAE capital's sovereign wealth fund acquired a 24.1 per cent interest in Kimmeridge's SoTex HoldCo, giving it access to two portfolio companies in two US states. As part of opening the new office in Abu Dhabi, Mansoor Al Hamed, managing director and chief executive of Mubadala Energy, and Benjamin Dell, managing partner of Kimmeridge, signed a preliminary agreement for further collaboration on natural gas and liquefied natural gas investments. The initial pact would provide the framework for 'future collaboration', he said. Kimmeridge's team in the Middle East will be headed by Faycal Benjelloun, managing director and head of Middle East, who joins from Mubadala Capital.
Yahoo
14-05-2025
- Business
- Yahoo
Fortress sets up Abu Dhabi office, appoints regional head in push for Gulf growth
By Hadeel Al Sayegh and Manya Saini ABU DHABI (Reuters) - Fortress Investment Group has opened an office in Abu Dhabi and appointed a senior executive to build its business in the Gulf region, the U.S. firm said on Wednesday. Co-CEO Drew McKnight told Reuters in an interview that Charles Spetka has been appointed head of the Middle East and North Africa to lead its regional business. Harry Steel, a managing director at Fortress based in London, will also relocate to Abu Dhabi to lead distribution, he said. Companies such as Fortress are seeking co-investment opportunities in the Gulf region across private credit, real estate and asset-based strategies as regional economies diversify from oil and gas. Spetka is on the boards of Fortress portfolio companies, including Mammoth Freighters and Aspire MRO. The Abu Dhabi office will house two dedicated teams, one focused on consumer finance and the other on Fortress's multi-manager investment business, with staff expected to be hired locally as well as relocated from London, New York and Asia. Fortress, in which Abu Dhabi sovereign wealth fund Mubadala has a majority stake, plans to expand its local team to support origination, underwriting and asset management, with a focus on consumer finance and its multi-manager business. The announcement coincides with U.S. President Donald Trump's four-day tour of the Gulf, marked by lavish ceremonies and a flurry of business deals, including Saudi Arabia's $600 billion pledge to invest in the United States and $142 billion in American arms purchases. Fortress is eyeing Saudi Arabia as a key growth market, as the kingdom ramps up infrastructure spending under its Vision 2030 programme. "I think the opportunity in Saudi particularly on the consumer finance side, is immense... if you look at what the kingdom's plans are from an infrastructure perspective, they're probably more capital constrained, and in terms of their banks, really need people like this to come in," McKnight said. A consortium led by Mubadala Capital, a subsidiary of Abu Dhabi's Mubadala Investment Company, acquired a 68% stake in Fortress last year, though the U.S. firm says it retains full autonomy over investment processes, decision-making, personnel and operations. Last month, Mubadala Investment Company entered into a $1 billion strategic partnership with Fortress to invest in private credit. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
