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Alternative Assets  + Hedge Funds  | 
Fortress Acquires Multi-Manager HF Platform from PineBridge

Fortress Acquires Multi-Manager HF Platform from PineBridge 

Fortress Investment Group LLC, a New York-based investment manager, has acquired a multi-manager hedge fund platform from PineBridge Investments. 

The firm also hired Jeff Runnfeldt, a former executive at Balyasny Asset Management and Citadel, as CIO of the new business, the Fortress Multi-Manager Group. He will start in 2024. 

Todd Rapp, who has led the platform since its inception, has been named CEO of Fortress MMG. 

Founded in 2021, the multi-manager hedge fund was previously owned by PineBridge Investments through a strategic partnership with BMO Global Asset Manage.ment.  

“We look forward to providing investors with the benefits of a liquid, diversified, and market neutral approach to multi-manager investing,” says Drew McKnight and Josh Pack, Fortress co-CEOs. 

In May 2023, Fortress and Mubadala Investment Company, through its wholly owned asset management subsidiary Mubadala Capital, acquired the equity of Fortress that was currently held by SoftBank Group Corp. 

Pictured: Fortress Investment Group NY headquarters 

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Fortress Investment Group LLC.

About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.

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