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Alternative Market Briefing

Fortress Investment is liquidating part of hedge fund arm

Tuesday, September 22, 2015

Komfie Manalo, Opalesque Asia:

Stricken Fortress Investment Group (FIG) has announced plans to liquidate part of its hedge fund unit because of falling returns and shrinking assets, reported The Journal. The report cited several sources who confirmed that Fortress is divesting off all investments it makes in other hedge fund managers through its Partners fund unit.

Partners fund was created by Fortress to emulate the bets of university endowments and other high-net worth investors. The fund manages nearly $1.7 billion at its peak in 2010 but has since dwindled in size to about $400 million.

The Journal reported that Fortress would eventually wind down the remaining cash of Partners funds in the coming years, which is split between private equity firms and direct stakes in private firms and other projects.

Fortress has been struggling with returns in recent years. Its macro hedge fund managed by Michael Novogratz, reported one of the biggest declines this year as the fund is down 15% through early September.

In July, Novogratz announced he would shrink the macro hedge fund unit of the firm as losses mounts and help turn round performance that has been struggling since last year.

Novogratz said that......................

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