Nassau and Fortress enter into strategic partnership

Written by Adam Cadle

05/09/2023

Nassau Financial Group (Nassau), a leading provider of fixed annuities and asset management, and Fortress Investment Group (Fortress), a global investment management firm, have entered into a strategic partnership.

This strategic partnership marks a significant milestone for both organisations and opens new avenues for growth and close collaboration. The transaction closed on 1 September 2023, after receiving regulatory approvals.

As part of this strategic partnership, Nassau received a $130m minority non-voting common equity investment from Fortress. This investment will provide additional primary capital to both further strengthen Nassau’s balance sheet and accelerate the firm’s growth strategy, including organic growth and acquisitions. Nassau entered into a long-term Investment Management Agreement (IMA) with Fortress, whereby Nassau’s insurance subsidiaries will have full access to Fortress’ credit investment strategies. Nassau intends to begin investing alongside Fortress credit funds targeting direct lending and ABS investing opportunities.

“We are thrilled to partner with Fortress to support the next phase of growth,” Phil Gass, chairman and CEO of Nassau, said. “In addition to Fortress’ significant equity investment, they bring extensive experience and an impressive investment track record across multiple credit investment strategies that fit well with our investment portfolio. Through this strategic partnership, Nassau will benefit from new investment capabilities, improving our competitive position as we continue capitalising on attractive growth opportunities and creating value for all our stakeholders."

Related Articles