Fortress Investment Group LLC fund-raiser David Cody is leaving after helping create the firm's hybrid fund business, according to two people with direct knowledge of the move.

Todd Ladda, managing director of investor relations and capital formation, will assume Cody's responsibilities, reporting to Jarett Wait, who serves in a similar role globally, said the people, who asked not to be identified because the information is private.

Cody was a senior member of the group led by former Goldman Sachs Group Inc. partner Peter Briger, which has been trying to raise money for Credit Opportunities Fund II.

The fund, which held its first close in July 2009 and aims to raise as much as $2 billion, has attracted about $300 million to date, including pledges from friends and family, according to one of the people. The predecessor fund Briger raised two years ago got $3 billion.

Fortress, of New York, declined to comment.

Cody did not return calls to his office seeking comment.

Cody, who was the president of hybrid funds, joined the firm as a managing director in 2002 and helped start the investment vehicles that combine elements of private-equity and hedge funds, according to one of the people.

Fortress manages $31.8 billion of assets, of which $12.9 billion was in hybrid funds and $14.6 billion in private equity at the end of last year.

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