Fortress Has Plowed $6 Billion Into Other Companies’ Lawsuits

Fortress Investment Group LLC is pitching an investment opportunity within an increasingly popular yet controversial corner of finance — funding other companies’ legal battles.

The private equity firm is raising its second fund to invest in legal assets, having already deployed $6 billion into the strategy, according to a person familiar with the situation.

Fortress has 32 people working in legal assets, led by former bankruptcy attorney Jack Neumark.A dozen were hired in the last 18 months as the New York-based firm looks to grow further in the sector, said the person, who asked to remain anonymous discussing sensitive ...