Japanese securities house Nomura Holdings is to buy a 15 per cent stake in the US Fortress Investment Group hedge fund and private equity manager. The deal 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.