Over the last several decade’s private equity investments has grown to become one of the largest sectors of the finance industry. Leading the way in the North American constant one company known as Fortress Investment Group has become the first company to be publicly traded on the public market in the United States of America as private equity firm. It may be hard to believe, but simply 20 years ago there were no publicly traded private equity companies available on the markets. This all changed in 2007 when Fortress Investment Group held their initial public offering on the New York Stock Exchange during the spring of that year. The Corporation began its history as a simple private equity management firm under the leadership of five individuals including current chairman and president of the Corporation Wes Edens. During the last year, Corporation was acquired by Japanese technology giant Softbank group. During this corporate acquisition, the company shares were sold at a premium of $2.25 per share leading to an overall increase evaluation of over $140 million.
Fortress Investment Group has a wide variety of services that it offers clients and is well known as one of the leaders in alternative asset management for the entire world. It functions primarily based off of private equity, liquid hedge funds, and credit funds. At the end of 2016, the Corporation was handling over $70 billion worth of alternative assets.
The Corporation was first founded in 1998 by Wes Edens. Wes Edens was a former partner for Blackrock financial management and had also served as a managing director for Lehman Brothers. Wes Edens along with the four other principal founding members of Fortress Investment Group managed to quickly expand the Corporation’s operations to include hedge funds, as well as real estate related investments and other securities. This was along with Pete Bridger another of the corporations founding members. Pete Bridger was a former partner at Goldman Sachs prior to working for Fortress Investment Group. For the period of 1999 to 2006 Fortress Investment Group experience significantly rapid expansion of its business operations. In 2007 with the help of Goldman Sachs and Lehman Brothers Fortress Investment Group held its initial public offering and became the first large private equity firm to be publicly traded in North America. This may have been bad timing is not long after the initial public offering the financial crisis of 2008 took its toll on the company’s finances. This was not the end of the world however as since the end of this financial crisis the organization has managed to become one of the leading alternative asset managers.
Just four years ago Fortress Investment Group was awarded recognition as the hedge fund manager of the year by investment magazine Institutional Investor. Following the company’s rapid growth during the last several years many other corporations have taken a keen look at Fortress Investment Group, but none more so than Softbank group Corporation which required Fortress Investment Group early in 2017 for $3.3 billion. This corporate aggravation was closed in December 2017.
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