Fortress Investment Group is a diversified private equity firm based in New York City. Established in 1998, the company is currently considered as among the most successful companies in the financial solutions industry. This was exemplified by the fact that in 2008, the company went public through an initial public offering becoming the first private equity company to go public on the New York Stock Exchange. The company employees over 900 people directly and continues to grow.
Fortress Investment Group was founded by three principals including Peter Briger, Wes Edens and Randal Nardone. The founders have a deep experience in the finance world having worked in senior positions at Goldman Sachs, Lehman Brothers, UBS and BlackRock Financial Management Inc. when they were starting the company, their goal was creating a new investment company which would raise private equity and invest it into private companies for high returns.
The main areas of expertise that the company specializes in include operations management, asset-based investing, capital markets, corporate acquisitions and mergers, and sector-specific knowledge and information about institutions and companies. When the company began, its earliest investments were in such areas as the Toronto and New York City’s real estate industry. Eventually, it ventured into such areas as hedge funds and debt securities.
In the private equity sector, Fortress Investment Group is recognized for its success and innovation. This is best exemplified by the fact that in 2010 and 2011, Institutional Investor magazine named the company as the “Credit-Focused Fund of the Year”. It was also named the Discretionary Macro-Focused Hedge Fund of the Year in 2012 by the same magazine. HFMWeek named that company as the “Management Firm of the Year in 2014. This highlights the significance of the company in the private equity sector.
Currently, Fortress Investment Group controls over $43 billion of assets for more than 1750 investors in hedge funds, permanent capital vehicles, and private equity. According to the company, its strategy is to grow the investor’s wealth through “strong risk-adjusted returns strategy.
Recently, Fortress Investment Group was purchased by SoftBank Group Corporation of Japan. However, it continues to run its operations as an independent equity fund with its offices in New York. Edens, Briger and Nordone still continue to serve as principals. The company now has three main departments which are Permanent Capital Vehicles, Private Equity, and Credit. The Credit division is headed by Briger and has been in operation since 2002. It comprises of the Fortress Japan Opportunity Funds, Fortress Credit Opportunities Fund and the Drawbridge Special Opportunities. The private equity division is headed by Edens.