Fortress Investment Group reported $70.1 billion in assets under management as of Sept. 30, flat from three months earlier and down 5.6% from a year earlier, the company said in its third-quarter earnings report Thursday.
The company for the quarter reported $1.5 billion in net client outflows for Logan Circle Partners, $400 million in capital distributions to investors, $200 million in liquid hedge fund redemptions and $100 million in distributions to investors redeeming capital accounts.
Those losses were offset by $1.5 billion in market gains, $400 million in raised capital and equity added directly to AUM and a $300 million increase in invested capital.
Logan Circle's AUM totaled $33.4 billion as of Sept. 30, down 2% from June 30 and down 0.2% from Sept. 30, 2015. Credit private equity funds totaled $9.5 billion as of Sept. 30, up 2.6% and up 13.5%, respectively, for the same time periods; credit hedge funds totaled $8.8 billion, down 1.8% and down 2.9%; private equity funds, $7 billion, up 6.5% and down 23.1%; permanent capital vehicles, $6.9 billion, up 3% and down 0.7%; and liquid hedge funds, $4.5 billion, down 1.8% and down 38.4%.
Logan Circle accounted for 47.6% of Fortress' total AUM as of Sept. 30; credit private equity funds, 13.6%; credit hedge funds, 12.6%; private equity funds, 10%; permanent capital vehicles, 9.8%; and liquid hedge funds, 6.4%.
GAAP net revenue was $261 million in the third quarter, up from $232 million in the second quarter but down from $264 million in the third quarter of 2015.
GAAP net income totaled $31 million in the third quarter. The company had a GAAP net loss of $14 million in the second quarter, and a net loss of $14 million in the third quarter of 2015 as well.
