Fortress, raising capital, has $395m for infra fund

Fortress Investment Group is raising capital for its first ever infrastructure fund. Fortress Worldwide Transportation and Infrastructure Investors has amassed $395m.

Publicly traded asset manager Fortress Investment Group has corralled $395 million for its maiden infrastructure fund, according to a regulatory filing.

Fortress Worldwide Transportation and Infrastructure Investors was conceived in 2011. Gordon Rutne, a spokesman with Fortress in New York, did not return a message from Infrastructure Investor.

A Securities and Exchange Commission (SEC) filing noted Fortress, via its Fortress Capital Formation unit, is acting as placement agent for the fund, along with Barclays Capital and Deutsche Bank Securities.

Asset-based private equity operator Fortress opened in 1998, co-founded by BlackRock Financial Management partner Wesley Edens along with Randall Nardone and Robert Kauffman of UBS. In 2002, Fortress added a hedge fund business. By the time the company held its initial public offering (IPO) in 2007, Fortress had evolved into a diversified asset manager.

As a publicly traded alternative investment firm, Fortress, with $51 billion under management, is in a class with Kohlberg Kravis Roberts & Company (KKR), a $40 billion private asset manager, and Man Group, a $68 billion hedge fund operator traded on the London Stock Exchange (LSE).

Fortress, under the ticker symbol ‘FIG,’ was trading for $6.40 per share on the New York Stock Exchange (NYSE) on Friday.