Fortress to Close Commodities Fund After 13% Decline

Fortress Investment Group, the first publicly traded private-equity and hedge fund manager in the U.S., said it will close its commodities fund on or around May 23 and return the money to investors after losing almost 13 percent in the past four months.

Fortress Commodities Fund LP declined 4.2 percent in April and fell 13 percent since the start of the year through April 30, New York-based Fortress said in a May 8 regulatory filing with the U.S. Securities and Exchange Commission.

The fund, started in 2008, invests in energy, metals, grains, freight and emissions, according to Fortress’s website. It had $1.1 billion under management at its start and $500 million as of last quarter….

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