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Fortress Investment Group LLC today reported its third quarter (Q3) 2012 financial results.
Assets under management (AUM) increased to $51.5bn as of September 30, 2012, an increase of 8% from the Q2-2012 and 18% from Q3-2011; AUM does not include uncalled capital, or "dry powder," of $7.2bn.
Fortress raised $1.2bn of capital across alternatives businesses in Q3, bringing total capital raised YTD through September 30, 2012 to $5.2bn. The firm recorded $2bn of net client flows for Logan Circle during the quarter, bringing total net client flows YTD to $5.9bn.
Here is Fortress’ investment performance across its businesses:
• Net Q3 returns of 5.1% in the Drawbridge Special Opportunities Fund (13.1% YTD), a distressed hedge fund; 2.9% in the Fortress Macro Funds (11.1% YTD); and 3.6% in the Fortress Asia Macro Funds (10.7% YTD);
• Private Equity fund valuations increased 9.4% during Q3, and 20.8% YTD;
• Net annualized inception-to-date IRRs through quarter end for the Credit Opportunities Fund and Credit Opportunities Fund II of 26.9% and 17.8%, respectively;
• All 15 Logan Circle strategies outperformed respective benchmarks during Q3.
Fortress acquired Logan Circle Partners, a fixed income asset manager, in Apr...................... To view our full article Click here
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