Fortress Investment Group's assets under management rose 3.5% to $69.9 billion in the quarter ended March 31 and 12.3% from a year earlier.
The quarterly increase was propelled by investment gains totaling $1.4 billion and $2.4 billion of inflows, partially offset by $1.4 billion of redemptions and capital distributions, said Fortress' earnings statement, released on Thursday.
The breakdown of Fortress' total assets by strategy and subsidiary as of March 31 was: Logan Circle Partners, 47.8%; private equity funds, 14.6%; liquid hedge funds, 11.2%; credit private equity funds, 10.8%; credit hedge funds, 9%; and permanent capital vehicles, 6.6%.
Net growth by investment strategy in the three- and 12-month periods ended March 31, respectively, were: Logan Circle, 3.3% and 25.7%; private equity funds, 8.7% and -11.6%; liquid hedge funds, -3.6% and 1.3%; credit private equity funds, 8.7% and 8.4%; credit hedge funds, 1.6% and 5.1%; and permanent capital vehicles, 1.2% and 23.9%.
Fortress noted in its statement that it had received record quarterly inflows and commitments of $5.4 billion into its alternative investment businesses, including commitments totaling $4.7 billion for its new Fortress Credit Opportunities Fund.
“We had a very active start to the year, highlighted by the launch of our largest credit (private equity) fund in our history,” said CEO Randy Nardone in the statement.
With “nearly $11 billion of dry powder for us to put to work, we see great prospects for growth and value creation,” Mr. Nardone added.
