NEW YORK CITY—Fortress Investment Group LLC has reached an agreement in principle with Mount Kellett Capital Management to become co-manager of Mount Kellett’s investment funds and related accounts. Mount Kellett affiliates will continue to serve as general partner of the funds, while affiliates of Fortress will become special limited partners of the funds.

Deal terms were not disclosed; the Wall Street Journal reported that Fortress would invest $200 million in Mount Kellett’s funds. Further, PERE reported Tuesday that Fortress would effectively acquire the funds and Mount Kellett’s operating platform. The deal is set to close by June 30, subject to the approval of Mount Kellett’s investors.

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