Fortress Preps Commodities Hedge Fund

Nov 29 2007 | 8:09am ET

Fortress Investment Group is poised to launch a commodities hedge fund led by new hire William Callanan.

The New York-based alternative investments giant said its fourth hedge fund, dubbed the Drawbridge Commodities Fund, will target returns of between 15% and 20%. The fund will invest in energy, metals, agriculture, shipping and carbon emissions futures, as well as commodity- and industrial-related equities, Bloomberg News reports.

Callanan joined Fortress in August from Rubicon Fund Management, where he ran an equity and commodity fund. He has also worked at Duquense Capital Management and Soros Fund Management. He will lead a team of four analysts at Fortress.

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