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Alternative Assets  + Hedge Funds  |  December 19, 2023
Fortress Acquires Multi-Manager HF Platform from PineBridge
Joe Palmisano
By: Joe Palmisano

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 of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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