Fortress Investment Group is deepening its commitment to the European market, with Co-CEO Josh Pack relocating from Dallas to London to lead the firm’s regional growth strategy.
The move comes as Fortress ramps up institutional and private wealth distribution efforts across Europe and the Middle East, targeting increased allocations from pension funds, sovereign entities, and family offices. The firm plans a series of senior hires to support the buildout, according to Pack.
The New York- and Dallas-headquartered alternative investment manager – led by Pack alongside Drew McKnight and Jack Neumark – continues to scale its global credit platform.
Recent milestones include the launch of a new asset-based finance vehicle and a $1bn capital commitment from Mubadala Investment Company to support private credit and other strategies.
The European push comes amid shifting macroeconomic dynamics, including dollar volatility and growing interest in non-US assets. Fortress already has a presence in European private credit, with exposure to asset-based lending and non-performing loan acquisitions. It also recently priced its first European CLO and agreed to acquire multifamily real estate assets in the Netherlands.
Currently, European investors account for under 10% of the firm’s $50bn AUM (as of end-2024), with US-based clients representing over half. Asia – primarily Japan – and the Middle East round out the investor base.
Co-CEO McKnight will remain in Dallas, while Neumark is based in New York. In a related development, Rahul Ahuja, Fortress’s co-head of European credit and leadership committee member, is set to depart the firm later this year, with plans to potentially launch a new venture.
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