Fortress Investment Group’s assets under management dropped 9.9% in the first quarter to $26.5 billion, according to the firm’s earnings report today.
Assets managed in Fortress’ liquid hedge funds dropped 32.9% in the three months ended March 31 to $4.8 billion, though inflows in the quarter were positive at $1.3 billion.
Hybrid hedge fund assets managed dropped 6.6% to $6.5 billion, but inflows were positive at $734 million.
Net performance of Fortress’ flagship Drawbridge Global Macro Fund improved sharply in the first quarter to 5.2%, compared to -9.6% in the fourth quarter.
Fortress’ hybrid hedge funds also had a good first quarter. The Drawbridge Special Opportunities Fund LP returned a net 3.1% compared to -22% in the fourth quarter, and the Drawbridge Special Opportunities Fund Ltd. had a net 3.5% return, vs. -19.8% in the three months ended Dec. 31.
Private equity assets managed as of March 31 totaled $10.2 billion, and hybrid private equity funds totaled $2 billion. Fortress separated reporting of its hybrid private equity funds for the first time in the first quarter.
The firm reported a GAAP net loss of $287 million for the first quarter.
