Fortress Investment Group LLC (Fortress) is an investment management firm with approximately $67.5 billion in assets under management (AUM) as of December 31, 2014. Its business is to sponsor the formation of, and provide investment management services for, various investment funds and companies, including related managed accounts (collectively, the Fortress Funds). Fortress makes investments in these funds. Fortress has three primary sources of income from the Fortress Funds: management fees, incentive income and investment income on its investments in the funds. The Fortress Funds fall into four business segments in which Fortress operates: Private equity, focuses on control-oriented investments; Liquid hedge funds, invests in fixed income, currency, equity and commodity markets, and related derivatives; Credit funds, invests in direct lending, corporate debt and securities, real estate and structured finance, and Logan Circle, an asset management business.