(Bloomberg) -- Brown University and Brazil’s BTG Pactual are in advanced talks to invest in Fortress Investment Group alongside Mubadala Investment Co. as part of the Abu Dhabi sovereign wealth fund’s acquisition of a majority stake in the alternative asset manager.  

The talks come as the Committee on Foreign Investment in the US continues to review the proposed transaction, according to people familiar with the matter, who requested anonymity to discuss confidential information. Mubadala has been testing minority investor interest in Fortress for months as it aims to obtain regulatory sign-off on the deal. 

Spokespeople for Brown, BTG and Fortress declined to comment, while a representative for Mubadala didn’t respond to requests for comment.

Mubadala and the management of New York-based Fortress agreed in May to buy 90% of the equity held by Japanese conglomerate SoftBank Group Corp. in the US asset manager. 

Brown is poised to make the investment through its $6.6 billion endowment, according to the people familiar with the matter. Jane Dietze, the fund’s chief investment officer, previously worked at Fortress as a managing director and is a member of the asset manager’s board of directors, one of the people said.  

SoftBank acquired Fortress in 2017, intending to use the New York-based firm’s expertise to help manage its first Vision Fund. But to win regulatory approval for that deal, SoftBank agreed to cede day-to-day control of Fortress, which has been run independently since the acquisition.

The alternative asset manager is led by co-chief executive officers Drew McKnight and Joshua Pack. The company managed $46.2 billion as of September 30.  

Mubadala already holds a roughly 10% stake in Fortress through some of its private equity funds. 

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