Fortress Investment Group: Its Foundation, Transformation And Continued Growth
Fortress Investment Group is a publicly-traded company that provides private investors and institutional clients with asset-based management, operations expertise and a variety of other services. When Wes Edens, Randy Nardone and Robert Kauffman founded the investment management firm in 1998, its focus was on private equity. But Fortress Investment Group soon expanded the services it offered to include real estate-related investments, debt securities, hedge funds and more. The firm was able to succeed because of the vision, skill, experience and expertise of its founders.
When they launched Fortress Investment Group, Wesley Edens had been serving as a partner at Blackrock Financial Management and both Randal Nardone and Rob Kauffman worked at UBS as managing directors. Plus, the newly-formed company soon added Mike Novogratz and Pete Briger, two experienced Goldman Sachs partners to play important roles in providing the expanded investment services Fortress began to offer. Headquartered in New York City, Fortress Investment Group now has satellite offices all over the globe managing more than $36 billion in assets and serving the investment needs of in excess of 1,750 major clients.
When Fortress Investment Group announced its IPO in 2007, no other private equity firm had ever been publicly traded. The company’s initial valuation was in the $5 to $7 billion range. Their assets-under-management has continued to soar and reached to over $70 billion. Plus, the company has earned a variety of accolades from organizations and publications like Institutional Investor and HFMWeek. Fortress was hailed as ‘Discretionary Macro-Focused Hedge Fund of the Year’, ‘Credit Focused Fund of the Year’ and ‘Management Firm of the Year’. For the 2010 Winter Olympics in Canada, Fortress Investment Group was chosen to finance the building of the athletes’ village.
Fortress Investment Group’s core competencies of operations management, corporate mergers and acquisitions, its expertise with global capital markets, asset-based investing and industry knowledge has continued to attract investors. The firm has also developed a stellar reputation for their ability to create diverse long-term cash flow streams because of its experience with managing, financing and owning financial as well as physical assets. Their activities are guided the accountability and transparency outlined in the policies and practices for corporate governance created by the firm’s leadership.
As a result of its decades of innovation, growth and effective investment strategies, Fortress Investment Group has established itself has a very valuable corporate property. Fortress’ excellent on-going work has so impressed the Japanese company Softbank Group Corporation, over the past 18 months they have been working diligently to acquire Fortress Investment Group. That acquisition was completed recently when Masayoshi Son’s Softbank Group bought Fortress Investment Group for $3.3 billion.
Softbank Group Corporation released a statement explaining that Fortress Investment Group will continue to operate independently even though they are now a part of Softbank Group. The Japanese company has such confidence in the excellent direction, policies and practices of Fortress Investment Group, they have asked the company’s top executives, including Randall Nardone, Wes Edens and Pete Briger, to remain in their current positions.
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