Hedge fund firm Fortress Investment Group announced the retirement of its co-founder and principal Monday.
New York-based Fortress said in a statement that in conjunction with Robert Kauffman’s departure, the firm will purchase all of his shares in the company, totaling approximately $180 million. Fortress will fund the transaction through a combination of cash and a 14-month note.
An executive at Fortress who chose to remain anonymous told eVestment that the redemption of Kauffman’s shares is a “great transaction for shareholders and [for Kauffman].”
Founded in 1998, Fortress has approximately $50 billion in assets under management.