Fortress Targets $1.5 Billion in Latest Asset-Based Credit Fund

Fortress Investment Groupis seeking to raise about $1.5 billion for its latest fund focused on asset-based financing, a key area of expansion for private market firms, according to people familiar with the matter.

The new fund, named Fortress Asset-Based Credit II, will focus on deals such as lender finance transactions and portfolio acquisitions of consumer and commercial receivables, said the people, who asked not to be identified because the matter is private. The fund will also invest in forward flow agreements, under which investors agree to buy loans before they’re originated, the people said.

The ABC II will be ...