A May 2018 Patch article by Kay Singer entitled, “A Force of Innovation: Two Decades of Fortress Investment Group” takes a look at Fortress Investment Group’s growth as a private equity firm. The company’s founding is covered and the company’s areas of expertise are detailed too. Singer’s article brings to light details about the company’s background and personnel, achievements, current operations and plans that are on the horizon.
The article reveals that Fortress Investment Group is was launched in 1998 by Wes Edens, Rob Kauffman and Randal Nardone. Today the company is run by three principals. Edens remains with the company out of New York. Randal Nardone joins him there. Peter Briger helps lead the company from San Francisco. To date the company has managed more than $70 billion worth of assets. When Fortress Investment Group became available on the New York Stock Exchange, it was the first company of its kind to be publicly traded.
Singer explains that the company has five areas of expertise. Three of those are asset-based investing, capital markets and sector-specific knowledge of companies and institutions. The other two areas are operations management and corporate mergers and acquisitions. Through these areas of expertise the company has been able to serve nearly 1800 investors. The company today employs more than 900 people.
The article reveals that the company has been part of some very big deals. In 2010 Fortress Investment Group’s worth skyrocketed to more than $3 billion after taking ownership of AIG’s American General Financial Service. Their achievements have happened all over the world. In 2011 the company’s growing global success led to them opening their second U.S. location in San Francisco and two Asian locations operating out of Shanghai and Singapore. In 2017 ownership of the company was sold for $3.3 billion to Softbank Group Corporation.
While the acquisition changed ownership of the company, Fortress Investment Group still offers solutions to investors around the world. Singer notes that now the company has three main focuses, “its Credit, Private Equity, and Permanent Capital Vehicles divisions.”