Fortress Plans First Long/Short Equity Fund

Dec 3 2014 | 3:37am ET

Fortress Investment Group is poised to launch a long/short equity hedge fund, its first dedicated foray into the industry’s largest strategy.

The alternative investment giant’s Fortress Global Equity Advisors will be part of its liquid hedge-fund unit, which features credit, macro and event-driven strategies. The vehicle is expected to debut in the first half of next year.

The new fund is to be led by Steve Geskos and Tye Schlegelmilch, Bloomberg News reports. The two men previously worked at Perry Capital, with Geskos joining Fortress in 2011 and Schlegelmilch earlier this year, after running his own hedge fund, Sonterra Capital, for four years.

Fortress will seed the new strategy with as much as $50 million. The firm also plans to drum up funds from outside investors.

Fortress has been expanding its hedge-fund business, the smallest of its four units. In May, it said it planned to add one or two new funds per year. That month, it hired Centaurus Capital’s founder, Randy Freeman, and his team to run an event-driven fund.

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