Fortress Value Acquisition Corp. III is a newly incorporated blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.
We believe that our management team is well positioned to identify attractive risk-adjusted returns in the marketplace. Our management team’s contacts and transaction sources, ranging from industry executives, private owners, private equity funds, credit funds and investment bankers in addition to the extensive global industry and geographical reach of the Fortress platform will enable us to pursue a broad range of opportunities. Our management believes that its ability to identify and implement value creation initiatives has been an essential driver of past performance and will remain central to its differentiated acquisition strategy.
Our management team’s objective is to generate attractive returns and create value for our stockholders by applying our disciplined strategy of underwriting intrinsic worth and affecting changes after making an acquisition to unlock value. While our approach is value-oriented, and focusing on industries where we have differentiated insights, we also rigorously drive change through a comprehensive value creation plan framework. We favor opportunities where we can improve the risk-reward by driving change and accelerating the target’s growth initiatives. Our management team has successfully applied this approach over the past decade and has deployed capital successfully in a range of market cycles. We do not intend to purchase multiple businesses in unrelated industries in conjunction with our initial business combination.
Our sponsor is Fortress Acquisition Sponsor III LLC, an affiliate of Fortress Investment Group LLC ("Fortress").
We will seek to capitalize on the more than 15 years of investment and operational experience of our Chief Executive Officer, Andrew A. McKnight. Mr. McKnight is a Managing Partner of the Credit Funds business at Fortress. Mr. McKnight is based in San Francisco and Co-Heads the Corporate Debt and Securities Group at Fortress, serves on the investment committee for the Credit Funds business at Fortress and is a member of the Management Committee of Fortress.
Our management team also includes Daniel N. Bass, our Chief Financial Officer, who has served as Fortress’s Chief Financial Officer since 2003, and Micah B. Kaplan, our Chief Operating Officer, who is a Managing Director at Fortress.
Fortress is a leading, highly diversified global investment management firm with approximately $45.5 billion in assets under management as of June 30, 2020. Fortress applies its deep experience and specialized expertise across a range of investment strategies—credit and real estate, private equity and permanent capital—on behalf of its approximately 1,900 institutional clients and private investors worldwide as of August 31, 2020. Fortress’s primary business is to sponsor the formation of, and provide investment management services for, various investment funds, permanent capital vehicles and related managed accounts. Fortress has also been the sponsor of several other blank check companies.
Fortress is sponsoring the company through its credit business, Fortress Credit. Fortress Credit manages approximately $36.0 billion in assets under management as of June 30, 2020 and is focused on investing globally in credit, hard assets and real estate. Fortress Credit, which is led by Pete Briger and Dean Dakolias, has a long and established track record investing globally through numerous credit and other market cycles. Fortress Credit applies a diversified investment approach across its main areas of investment and a disciplined focus on asset-liability management. Fortress Credit’s team has invested over $140 billion of capital since its launch in 2002, over $110 billion of which corresponds to the period starting with the 2008 credit crisis. As of June 30, 2020, the Fortress Credit team consists of approximately 500 professionals and is focused on investing globally, primarily in undervalued assets and distressed and illiquid credit investments. With approximately 120 professionals dedicated to asset management in 13 geographic locations, the Fortress Credit team also has the experience and expertise to manage and service assets with operational complexity. As such, the company intends to draw upon Fortress Credit’s significant expertise in corporate acquisitions, opportunistic lending, distressed debt investing, structured credits, corporate securities, structured finance, bankruptcy procedures, tax structuring and asset management to assist in the identification of investment opportunities and management.