Mubadala-Backed Fortress Sees Assets Doubling to $100 Billion

Fortress Investment Group, the firm backed by Abu Dhabi sovereign wealth fund Mubadala, said it expects to double assets under management to $100 billion as it pushes into private wealth and insurance.

“For us to compete with larger firms like Ares, Apollo and Sixth Street, we need to continue to grow assets, because if we don’t then we’ll be less relevant,” said co-Chief Executive Officer Drew McKnight. Fortress aims to be among the first in line to help companies with their capital needs, he said, providing junior debt, preferred equity and structured equity, among other things.

“Increasingly ...