Fortress has closed its latest funds with $5bn (€3.6bn) in third-party commitments, surpassing the buyout firm's original target by $1bn, as 2007 is on track for a record year of private equity fundraising.

Fortress Investment Fund V and Fortress Coinvestment Fund V will get an additional injection of $1bn from Fortress and its employees, the firm said.

Paula Schaap in New York

Kohlberg Kravis Roberts

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Coutts hires ex-JPMorgan banker James Todd as next private client boss

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Todd replaces Camilla Stowell who left the NatWest-owned wealth in January

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The pact imposes a baseline tariff of 15% on the U.S.’s biggest trading partner.

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The Davos founder rejected preliminary findings of misconduct, including improper travel expenses and gifts.

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