Venture capital tends to be a badly performing asset class. Here a VC's motivation is easy to discern, it's a way to kick the can down the road. You take a liab

Venture capital tends to be a badly performing asset class. Here a VC's motivation is easy to discern, it's a way to kick the can down the road. You take a liability (your shitty investment) and Fortress magically transforms it into something that looks vaguely asset-like (a portfolio of shitty investments). The only question is if the top up you pay will be worth it to the LPs. To the VC it is, because it saves embarrassment. Due to this moral hazard, there is a maybe an argument to be made here that distressed asset industry kind of breaks capitalism.