Fortress Investment Group and Abu Dhabi-based Mubadala Investment Co., through its asset management arm Mubadala Capital, have agreed to acquire 90.01% of the equity of Fortress that is currently held by SoftBank Group Corp., the company’s owners since 2017.

Terms of the deal were not disclosed.

Fortress management is expected to own a 30% equity interest in the company and will hold a class of equity entitling Fortress management to appoint a majority of seats on the board. Mubadala Capital, which currently holds a 9.99% stake in NY-based Fortress through its private equity funds II and III, will own the rest of the company.

Fortress will continue to operate as an independent investment manager under the Fortress brand, with full autonomy over investment processes and decision-making, personnel and operations.

Drew McKnight and Joshua Pack will be appointed co-CEOs of the company and Pete Briger will be appointed chairman. Mubadala Capital’s CEO and managing director, Hani Barhoush, who has served on Fortress’ board since 2019, will continue his role.

Fortress aims to further establish itself in the alternative investment space, particularly in credit and real estate across public and private markets, where it currently manages $46 billion of assets on behalf of more than 1,900 institutional investors and private clients.

Mubadala Capital manages $20 billion of assets across its own balance sheet investments and in third-party capital vehicles on behalf of institutional investors. These include four private equity funds, three early-stage venture funds and two funds in Brazil focused on special situations.

The transaction is expected to close in the first quarter of 2024.