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Fortress Said to Start Asia Hedge Fund Run by Levinson

Fortress Investment Group LLC, the buyout and hedge-fund firm run by Daniel Mudd, started an Asia-focused macro hedge fund that it aims to grow to $500 million, three people with knowledge of the plan said.

The Fortress Asia Macro Fund has started trading with the firm’s own money and that of a few clients, the people said, asking not to be identified because the information is private. The fund is set to attract more money starting in April, when investors make their allocations, the people said. Gordon Runte, a New York-based spokesman, declined to comment.