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NEW YORK CITY-Two-and-a-half years after closing its $800-million Fortress Japan Opportunity Domestic Fund, Fortress Investment Group LLC said Tuesday that it has capped a successor fund at twice that amount. The locally based global investment manager has closed Fortress Japan Opportunity Fund II at 130 billion yen, or approximately $1.65 billion. In common with its predecessor, FJOF II will focus on real estate-related debt and other assets in Japan.

In a release, Thomas Pulley, CIO of Fortress Japan, says the environment remains “historically attractive for disciplined, opportunistic investments in Japanese real estate-related debt and other assets. We anticipate that deleveraging and the disposition of non-core assets will remain at heightened levels in the coming years, and that significant opportunities will result for select managers.” He adds that the Fortress team “is well-positioned to capitalize on these opportunities on behalf of our investors.”

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