Hedge Funds

Fortress hedge funds face $4.5bn in redemptions


Fortress Investment Group reported a third quarter loss of $20 million, compared with a profit of $111 million during the same period last year. It also disclosed that investors in the firm’s hedge funds have asked for $4.5 billion of their money back, about 26% of the firm’s $17.3 billion in hedge fund assets. The firm manages a total of $34.3 billion, inclusive of its private equity strategies.

Investors asked to redeem $1.9 billion, payable by yearend, from the firm’s hybrid hedge funds, the Drawbridge Special Opportunities Funds and Fortress Partners Funds. Those funds managed $8.2 billion as of