Former Fortress PM Arvedlund Targeting $500M For New Debt/Equity Fund

Apr 25 2016 | 11:55pm ET

Former Fortress Investment Group executive Maggie Arvedlund is prepping the launch of a new firm that will invest in debt and equity instruments in small to medium-sized businesses in North America.

The new company will be named Turning Rock Capital, according to a Reuters report citing four unidentified individuals familiar with the matter, and hopes to launch by year-end with at least $500 million in capital.

Arvedlund joined Fortress in 2007 and was a managing director at Fortress’s Partners Fund, a hedge fund within the firm that managed a portfolio of alternative assets for firm founders and other investors that spanned direct debt, equity, PE and real asset positions. 

The precise structure of the new vehicle is reportedly still up in the air, according to Reuters, since whether it becomes a hedge fund or private equity fund will depend largely on what the portfolio eventually holds. 

Fortress has been making some changes to its hedge fund lineup. It closed its macro hedge fund late last year amid poor performance and a surge in redemptions, prompting famed trader Michael Novogratz, to leave the firm. In September, Stuart Bohart, co-chief investment officer at the Partners Fund, and portfolio manager David Markus, also left the company. 

Additional information about Turning Rock or Arvedlund’s plans was not immediately available.

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