The Rise of Fortress Investment Group
Fortress Investment Group is an asset management firm in New York. Fortress Group’s CEO, Wes Edens, has been quoted as saying, “We are not a private equity company.” Fortress Investment Group specializes in hedge funds.
Fortress Investment Group was founded by Pete Briger, Rob Kauffman, and Wesley Edens after they left Goldman Sachs to start their firm. Fortress currently manages approximately $45 billion of assets across its various investment strategies. Fortress’ assets contain both long-term holdings and short-term investments that frequently trade on the stock market.
Fortress Group’s investments include Fortress Transportation and Infrastructure Investors LLC, Fortress Credit Corp., Fortress Macro Fund Ltd., and Fortress Healthcare Partners LP. Fortress Investment Group is a publicly-traded company listed in New York. Stock Exchange under the symbol “FIG.”
The Fortress was formed in 1998 and is currently headquartered at 850 Third Avenue. Fortress Investment Group has offices all over the United States, including New York City, Los Angeles; Chicago; Denver, and Austin.
Fortress Group has approximately 900 employees. The Fortress is run by CEO Wes Edens and President Randy Nardone. Fortress’ business strategy centers around its distinct approach to private equity investing which invests in publicly traded companies that are experiencing financial distress.
Fortress’ investment teams focus on real estate investments; credit-based assets including senior loans; distressed debt & special situations; marketable alternative strategies; public equities; permanent capital vehicles (which include the purchase of both listed closed-end funds and UDFs); direct co-investments with GPs focused on Fortress style long term value creation/private equity structures as well as new opportunities through our control businesses where Fortress can benefit from operational changes or organic growth initiatives.
Fortress Group has seen its assets under management increase by $55.0 billion in the past year alone, bringing Fortress to a total of over $42.0 billion in global AUM as of 09/30/18. Fortress Group’s top institutional investors include private individuals and institutions, including mutual funds, pension plans & endowments, etc. The Fortress is currently ranked among the world’s largest alternative asset managers with approximately US$41 Billion in gross assets under management spread across several strategies on September 30th, 2018.
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