By Simon Kerr
Fortress Investment Group LLC reported 3Q 2012 results recently. Fortress divides its hedge funds into two groups – Liquid Hedge Funds and Credit Hedge Funds.
Credit Hedge Funds includes the Drawbridge Special Opportunities Fund and the Value Recovery Funds, and the Liquid Hedge Funds includes the Fortress Convex Asia Fund, Commodities Fund, as well as the flagship Fortress Macro Fund, and Asia Macro Fund.
For the Credit Hedge Funds $4.603bn out of $5.663 of the capital managed (81%) is above the high water mark, and for the Liquid Hedge Funds 55% of the capital managed is above the HWM ($2.418bn out of $4.378bn).
In the graphics below the Credit AUM includes both private equity style credit-focused funds and hybrid hedge fund structures, and the Liquid Hedge Funds includes only pure hedge funds. However, whichever way you aggregate it, taking account of the potential to earn performance fees in the next year, the Credit Funds are doing a lot better than the Liquid Hedge Funds at Fortress.
Source: Fortress Investment Group
Source: Fortress Investment Group
Hi Simon,
Interesting data on Frtrs.
Thought your story was incomplete.
Fair to say the credit funds are performing well.
To say they are “doing a lot better then the hedge funds” is slightly unfair and a wee bit misleading
when Ftrs macro funds are near best in show (for macro) in 2012.
Respectfully,
Sean