Fortress hires former JPMorgan executive

Douglas Doughty has joined the New York-based investment management firm in a new role within its global real estate team.

Fortress Investment Group has brought aboard Douglas Doughty (pictured) as head of strategy and special situations in its global real estate team.

Doughty, formerly the global head of business and client strategy at JPMorgan Asset Management’s global real assets group, joined Fortress last week. He will be based in San Francisco and report to Thomas Pulley.

In his new role, Doughty will be responsible for the creation of new products and for “bespoke investments” such as co-investments, clubs, and separate managed accounts, according to his LinkedIn profile. He will also be involved in capital raising for Fortress’s commingled real estate funds and will serve as a member of the global real estate team’s investment committee.

Fortress declined to comment.

Doughty previously worked at JPMorgan for two and a half years as the GRA group’s top capital raise and was understood to have departed the firm in the late spring. During Doughty’s tenure, his team experienced a significant amount of turnover, marked by the exits of a number of longtime executives such as Amy Cummings, executive director of marketing and client service; JD Sitton, client portfolio manager; and Michael Duignan, executive director of marketing and client management.

Prior to JPMorgan, Doughty was managing director of institutional sales at The CIM Group and senior vice president of institutional sales at Rialto Capital Management.

Fortress most recently raised $1.1 billion for Fortress Japan Opportunity Fund (FJOF) III, the third in a series of opportunistic real estate funds focused exclusively on the Japanese market, hitting its hard cap last November. Also last year, the firm hit its hard caps for the $1.1 billion Fortress Japan Opportunity Fund III and $1 billion Fortress Real Estate Opportunities Fund II.