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May 07, 2015 01:00 AM

Fortress reports 3.5% AUM gain in quarter; alts business sees record inflows

Christine Williamson
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    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.


    Compare fund flows and AUM of publicly traded money managers with P&I's Earnings Tracker
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