Fortress Investment Group, an alternative investments firm that recently listed in New York, is expected to close its latest buyout fund at $4bn (€3bn), despite being heavily oversubscribed.

Fortress' fifth fund is expected to be one third bigger than the $3bn fund the firm raised in March last year. Fortress' private equity operation manages the largest share of group assets, $17.3bn out of $29.7bn as at the end of September, according to its US Securities and Exchange Commission filing ahead of the initial public offering.