Former Fortress Partners Plan IPO

Garrison Investment Group, a  specialist in debt, structured finance and real estate, is preparing to float a credit investment vehicle on the NASDAQ market.

Originally started with a $80 million private placement in December, the fund will  become a Delaware corporation with the IPO. It invests in the debt of US-based middle-market companies and already holds, via a subsidiary, a portfolio of 74 investments valued at $284 million.

JP Morgan  and Wells Fargo Securities are the book runners for the public offering.

Steven Stuart and Joseph Tansey founded Garrison in March 2007. Previously they were both managing directors at Fortress and partners in Fortress’ Drawbridge Special Opportunities Fund.  Fortress initially provided seed capital to Garrison, which had around $1.9 billion in assets as of this March.

Messrs. Stuart and Tansey and their colleagues have been raising a $500 million distressed-debt private equity fund since last year, according to HedgeFundAlert.  That is separate from the to-be-publicly traded vehicle.

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4 Responses to “Former Fortress Partners Plan IPO”

  1. Another Middle Market Lender to Go Public « HedgeFundSmarts Says:

    […] Managers that have private funds in this credit strategy often look to tap the public stock market. A recent example of this trend is Orchard First Source Asset Management,  which plans to convert an established  private fund into a publicly traded company.  Garrison Investment Group, founded by former partners at Fortress, is going the same route. […]

  2. Start getting your self out of debt today. This product will change your life! Says:

    Start getting your self out of debt today. This product will change your life!…

    […]Former Fortress Partners Plan IPO « HedgeFundSmarts[…]…

  3. Garrison IPO Expected This Year | HedgeFundSmarts Says:

    […] It took a while but it appears that former Fortress Group managing directors Steven Stuart and Joseph Tansey are ready to proceed with the initial public offering HedgeFundSmarts first reported in April 2011. […]

  4. Underserved Loan Market Attracts Investors | HedgeFundSmarts Says:

    […] Garrison was founded by two former Fortress Investment Group partners, Steven Stuart and Joseph Tansey. In the past two years its assets have gone from less than $2 billion to over $3 billion. The firm manages private equity, hedge funds and a NASDAQ-listed loan investment vehicle. […]

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