Fortress Fundraising To Top $5B In '10

Dec 10 2010 | 12:28am ET

Fortress Investment Group expects to have raised more than $5 billion by the end of this year, its CEO said yesterday.

Daniel Mudd said 2010 fundraising by the New York-based firm "should be over" $5 billion. The firm had raised $4.6 billion in new money by the first week in November.

Mudd credited Fortress' wider net for the success of its fundraising this year. He told the Goldman Sachs U.S. Financial Services Conference that it has expanded its client base from the U.S. and Europe to Japan and plans to do more fundraising in Asia and the Middle East in the future.

"Capital raising more broadly on a global basis will be a key priority doing forward," he said.

Despite the optimism, Mudd said the days of truly huge private equity funds might be over. Fortress' next fund is likely to be in the $1 billion to $3 billion range, he said, and not as high as $5 billion or $7 billion.

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