Fortress Eyes 22% Return With Latest Intellectual Property Fund

Fortress Investment Groupis targeting double-digit returns for its latest intellectual property fund, according to people familiar with the matter.

The Fortress Intellectual Property Opportunities Fund III aims to reach a gross internal rate of return of 22%, said the people, who asked not to be identified because the matter is private. The alternative asset manager is looking to raise about $1 billion, up from $750 million in the previous vintage, said the people.

The fund will be managed by Eran Zur and Erez Levy, who are co-chief investment officers at Fortress’ intellectual property group, the people said.

Fortress’s ...