Fortress Investment Group's assets under management rose to $62.5 billion as of March 31, an all-time high for the alternative investment manager, up 1.1% from three months earlier and up 12.4% from a year earlier.
Logan Circle Partners, the firm's traditional money management unit, managed 42.6% of the firm's assets as of March 31. Private equity accounted for another 24.3%, while credit hedge funds held 20.7% and liquid hedge funds, 12.4%, according to Fortress' earnings statement, released on Thursday.
Net inflows for Logan Circle were $500 million for the quarter, Fortress said in the statement, noting that all 16 Logan Circle strategies outperformed their benchmarks in the first quarter.
The company also said it raised an aggregate $1.6 billion in capital within its three alternative investment units in the quarter ended March 31.
Three-month performance for Fortress hedge fund strategies was positive for the Drawbridge Special Opportunities Fund, which returned 3.2%, but negative at -3.6% for the Fortress Asia Macro Fund and -5.5% for the Fortress Macro Fund.
Private equity valuations fell slightly by 0.2% during first quarter, the earnings statement said.
The annualized inception-to-date (March 31) net internal rate of return was 25.8% for Fortress' Credit Opportunities Fund and was 18.7% for the Credit Opportunities Fund II.