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Fortress Investments Takes Over DB Zwirn’s Assets

02 June, 2009

 Fortress Investment Group, a listed private equity and hedge fund, has replaced D.B. Zwirn & Co., L.P. as the manager of D.B. Zwirn’s funds and accounts. The fund will be renamed the Fortress Value Recovery Funds I, the company said in release. The deal would add approximately $2 billion of assets under management to Fortress and has been approved by D.B. Zwirn investors.

 
DB Zwirn was rocked by disclosures of improper accounting last year, after which it decided to liquidate. DB Zwirn’s investments in India include Quippo Telecom Infrastructure Ltd and Chennai-based NBFC Dhandapani Finance. While DB Zwirn holds a 51% stake in Dhandapani, it has a 3.28% stake in Quippo, India’s largest independent telecom tower
firm.
 
A Fortresss’ statement added that certain members of D.B. Zwirn’s management team and approximately 100 of its professionals have joined it or will be providing services. Fortress has around $26.5 billion in assets under management.
 
Daniel Zwirn, who founded the firm in 2001, decided to shut down its flagship D.B. Zwirn Special Opportunities Fund LP in February last year. The fund makes loans to companies including those that have trouble getting financing elsewhere.

 


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4 Comments
Tiffany . 6 years ago

D.B. Zwirn was the worst company I ever worked for, it was run by a bunch of people who had know idea what they were doing and they gave huge bonuses to people who starred at their computer screen all day, I am gald to see it go

Ankur Jain . 6 years ago

I guess this is a very good move from Fortress as it gives them a ready platform with already in place infrastruture to start operations in geographies where it is still not operating.

Secondly, economically also it makes sense to manage existing assets than creating new assets in this tight market conditions.

Ankur Jain . 6 years ago

Hi Tiffany,

Where were u in DBZ? When did you worked for them? I worked in India office at 2007 – 2008

Bhavin Parekh . 6 years ago

Hey Ankur,

What’s your email address?

Fortress Investments Takes Over DB Zwirn’s Assets

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