Brother of Michael Novogratz, president of publicly traded, $41.6 billion, New York–based alternative investment firm Fortress Investment Group, John Novogratz, 36, spent five years running international fundraising at Fortress, helping to bring in billions of dollars for the firm. Last October he left to join Israel Englander’s $7.4 billion New York hedge fund firm, Millennium Management, as senior managing director in charge of investor relations and marketing. Millennium had never had — or needed, for that matter — such a dedicated fundraising effort. After meeting with some initial skepticism, largely over Millennium’s old-school hedge fund fee structure, Novogratz’s efforts are winning converts.
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