Fortress Targets $1 Billion for Latest Litigation Finance Fund

Fortress Investment Groupis seeking to raise about $1 billion for its latest fund in litigation finance, a sector in which it’s becoming a powerhouse, according to people familiar with the matter.

The new fund, dubbed Fortress Legal Assets Fund II, would be more than double the size of the prior version that closed in 2021, the people said. A representative for Fortress declined to comment.

Litigation finance involves providing funding to law firms and companies in legal battles to get a share of the payouts. Once on the fringes of alternative investing, backing lawsuits has become a multi-billion-dollar industry. ...