Fortress Investment Group started operations in 1998 by three brilliant elites; Wesley Edens, Randal Nardone, and Rob Kauffman. It began as a private equity firm with its headquarters in New York City. The company made a huge mark in 2007 to become the first large private equity firm to be traded publicly on the NYSE.
As it stands, Fortress Investment group has over $45 billion in assets value in which more than 1750 investors are rallied behind the private equity and hedge funds. Its management panel consists of Randal and Wes Edens who were its initial founders while Rob Kauffman retired in 2012 to pave the way for Peter Briger another current co-principal.
Behind the success of Fortress Investment Group were the founders who had in-depth knowledge, expertise and financial experience having worked in other reputable firms such as Goldman Sachs, Lehman Brothers, UBS, and BlackRock Financial Management. With the incorporation of better innovation, the investment grew quickly from $400 million to an estimate of $ 3.9 billion in only five years into the industry. By 2007, the assets the firm managed were valued at a massive $ 32.6 million figure.
Fortress Investment group launched its first investment fund in 1999 and drove it to real estate in New York and Toronto markets. It later ventured into hedge funds and debt securities and started enjoying the returns in enormous amounts. In 2007, the group made significant buyouts such as Intrawest, the largest ski resort operator in Canada, Penn National Gaming, Florida East Coast Industries, and Rail America. With significant improvements after the acquisitions, the company expanded territories and moved abroad. Today, the firm has two headquarters situated in United States; New York and San Francisco as well as in Asia particularly in Singapore and Shanghai.
By 2010, Fortress Investment Group’s force has been felt in the finance industry, and it was acknowledged for its success and innovation. The Institutional Investor magazine rewarded the firm the “Credit-Focused Fund of the Year” in two consecutive years, 2010 and 2011. In 2012 it was awarded the “Discretionary Macro-Focused Hedge Fund of Year.” The group named “Management Firm of the Year” in 2014 to solidify grounds that indeed the company had made significant strides into becoming the best.