Fortress Investment Group is a New York City-based American wealth management company. Wes Edens, Randal Nardone, and Rob Kauffman established Fortress as a venture capital company in 1998. When it started investing on the Stock exchange in 2007, Fortress Investment Group became the inaugural big US venture capital business to be listed on a stock exchange. As of 2020, the company managed $45.5 billion of unconventional properties in credit products, liquid fund managers, and venture capital.
Wesley R. Edens, a previous associate at BlackRock, Rob Kauffman, and Randal A. Nardone, managing directors at UBS, created Fortress Investment Group as a venture capital company in 1998. Fortress, led by ex-Goldman Sachs partners Michael Novogratz and Pete Briger, swiftly grew into hedge funds, property investment assets, and debt instruments.
The New York based company’s investments increased quickly between 1999 and 2006. Forbes included Wesley Edens and two more Fortress associates as some of the top billionaire losers of 2008 during the 2008 financial crisis. Fortress and its leaders were highlighted in a Vanity Fair piece from April 2009 on financial firms’ challenging economic circumstances. The publication added that Edens saw his wealth diminish as investor redemption climbed at the central fund of the business.
Fortress Investment Group was selected Management Group for the Year by HFMWeek and Hedge annual Fund Manager Award from Investor Group in 2014. Fortress was previously selected as the Choice Macro-Focused Investment Firm of the Year by Institutional Investor in 2012 and the Credit-Focused Investment of the Year in 2011 and 2010.
In the autumn of 2014, Fortress Macro Group engaged Jeff Feig to collaborate alongside Novogratz as co-CIO. In 2015, the corporation decided to liquidate the $2.3 billion Macroeconomic Group and distribute its holdings to shareholders. In 2017, SoftBank Corporation and Fortress Investment Group reached a $3.3 billion purchase agreement. SoftBank Group Corp. paid $3.3 billion to finalize the deal. Go Here for related Information.