The Fortress Investment Group is riding to the rescue of a hedge fund that sought to profit from betting on fine art and real estate, according to The New York Post.
SageCrest, a $650 million fund, is set to obtain a $150 million financing line from Fortress to stave off an April 30 default of its credit facility with Deutsche Bank, The Post reported citing unnamed sources.
The fund has seen the value of its assets drop precipitously as it struggles with the mire of the credit markets. Separately, SageCrest is closing in on a settlement of a year-long fight with Christie's, the auction house.
Fintag says
Good to see alternatives helping themselves out. If JP Morgan and Bear Stearns can do it then so can Fortress and SageCrest.
financial news says " Bankers jump ship for buyout houses "
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