Fortress Investment Group LLC

ALTERNATIVE CAPITAL RAISED

Financial Fundamentals

 

THIRD-PARTY ALTERNATIVE CAPITAL RAISED

 

Three Months Ended

Full Year
2015

Three Months Ended

($ in millions)

3/31/2015

6/30/2015

9/30/2015

12/31/2015

03/31/2016

06/30/2016

Private Equity Funds

 

$

-

 

$

-

 

$

-

 

$

-

 

$

-

 

$

-

 

$

-

Permanent Capital Vehicles

   

150

   

2,291

   

-

   

-

   

2,441

   

-

   

-

Credit Hedge Funds

   

175

   

79

   

-

   

21

   

275

   

272

   

27

Credit Private Equity Funds

   

4,949

   

672

   

156

   

166

   

5,943

   

13

   

43

Liquid Hedge Funds

   

86

   

171

   

48

   

28

   

333

   

63

   

16

Third-Party Alternative Capital Raised

 

$

5,360

 

$

3,213

 

$

204

 

$

215

 

$

8,992

 

$

348

 

$

86

DEFINITIONS

Private Equity Funds Capital Raised reflects investors' capital commitments to our Private Equity Funds. The capital for these funds is generally locked-up for 8 years with a possibility of 2 one-year extensions.

Permanent Capital Vehicles Capital Raised is equity raised in publicly traded entities which are externally managed by Fortress (Newcastle Investment Corp, New Residential Investment Corp, New Media Investment Group, New Senior Investment Group, Fortress Transportation and Infrastructure Investors LLC and Eurocastle Investment Limited).

Liquid Hedge Funds Capital Raised reflects the monthly subscriptions received for our "ever-green" hedge funds (excluding capital raised from Affiliated Managers).  These funds have monthly, quarterly, annual and three year liquidity depending on the share class.  This capital becomes Assets Under Management upon receipt.

Credit Hedge Funds Capital Raised reflects monthly subscriptions received for the Drawbridge Special Opportunities Funds and/or investors' capital commitments to the Japan Income Fund. The Drawbridge Special Opportunities Funds are hedge funds that are periodically open for new investor capital.  These funds have annual liquidity, requiring 90 days notice.  Redeemed capital is paid out to investors as investments are realized over time.  This capital generally becomes Assets Under Management upon receipt.  The Japan Income Fund was launched in December 2013 as an open ended fund with periodic subscription and redemption rights. This capital becomes Assets Under Management if called and invested.

Credit Private Equity Funds Capital Raised reflects investors' capital commitments to, or capital invested in, our Credit Private Equity Funds, depending on the terms of the fund.  The capital for these funds is generally locked-up between 7 to 10 years with a possibility of 2 one-year extensions.

Third-Party Alternative Capital Raised is the total gross capital raised from third parties in the alternative businesses.

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