Fortress Investment Group's assets under management increased 42% to $44.6 billion in the year ended Dec. 31, according to the firm's earnings report Tuesday .
The net increase was “principally” due to the April 2010 acquisition of Logan Circle Partners, which brought $11.7 billion of assets under management to Fortress, according to the company's consolidated earnings statement.
Fortress raised $5.3 billion in new assets in 2010, of which $3.1 billion was directed to credit private equity funds; $447 million was invested in credit hedge funds; and $1.7 billion was invested in liquid hedge funds. Of the capital committed in 2010, $2.6 billion was received by year-end, and the remaining $2.7 billion will be called as needed.
Fortress' private equity assets totaled $11.9 billion as of Dec. 31, up 5.3% from a year earlier. Assets invested in its Castles publicly traded private equity vehicles remained essentially flat at $3.1 billion in the year ended Dec. 31. Assets invested in credit private equity funds rose 45% to $4.8 billion as of Dec. 31.
Fortress' liquid hedge fund assets grew 9.3% to $4.7 billion as of Dec. 31, while credit hedge funds dropped 9.7% to $8.4 billion, the result of net client redemptions of $1 billion, the financial report said.
