Press Release

NEW YORK, May 7 /PRNewswire-FirstCall/ -- Fortress Investment Group LLC (NYSE: FIG) announced today that it completed a closing with third party commitments of approximately $2.84 billion for its newly launched private equity fund. The fund is being raised to continue Fortress's strategy of making control investments in asset-based businesses and asset portfolios primarily in North America and Western Europe.

The fund is ultimately expected to have approximately $5 billion of capital commitments. Third party capital commitments are capped at $4 billion, and approximately $1 billion is expected to come from Fortress, its principals, employees and affiliated funds managed by Fortress.

Interests in the new fund will not be and have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

About Fortress

Fortress is a leading global alternative asset manager with approximately $35.1 billion in assets under management as of December 31, 2006. Fortress raises, invests and manages private equity funds, hedge funds and publicly traded alternative investment vehicles. Fortress was founded in 1998. For more information regarding Fortress Investment Group LLC or to be added to our e- mail distribution list, please visit http://www.fortress.com.

Cautionary Note Regarding Forward-Looking Statements - Certain statements in this press release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the amount and source of expected capital commitments. These statements are not historical facts, but instead represent only the Company's beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of the Company's control. It is possible that the amount and source of any expected capital commitments may differ, possibly materially, from these forward-looking statements. For a discussion of some of the risks and important factors that could affect such forward-looking statements, see the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K, which is available on the Company's website (http://www.fortress.com). You should not place undue reliance on any forward- looking statements contained in this press release. The Company can give no assurance that the expectations of any forward-looking statement will be obtained. Such forward-looking statements speak only as of the date of this press release. The Company expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any statement is based.

SOURCE Fortress Investment Group LLC

Contact: Lilly H. Donohue, of Fortress Investment Group LLC, +1-212-798-6118