Daily News: October 13, 2014

Fortress Said to Seek $4B for Distressed Credit

Bloomberg reported Fortress Investment Group, the first publicly traded hedge-fund and private-equity manager in the U.S., is seeking about $4.3 billion to buy distressed credit around the world as investment firms prepare for markets to sour, according Bloomberg sources.

Bloomberg said the firm is targeting $2 billion for a private-equity structured credit fund, while the balance will come from managed accounts that will invest alongside the pool in deals; the 2011 previous pool, Fortress Credit Opportunities Fund III LP, gathered $4.3 billion, including accounts managed for large institutions.

To read the entire Bloomberg click here.