Fortress Investment Group was formed in 1998 and since then it has become a market leader in investment. This announcement was made in New York during the company’s Initial Public Offer (IPO) in 2007. Fortress investment group focuses on capital markets, operations management, corporate mergers and acquisitions, asset-based investing and sector-specific knowledge of institutions and companies. By diversifying investments, the company has managed to attract not less than 1,750 customers and a fund of over 450 billion dollars assets management.
Randal Nardone, Rob Kauffman, and Wes Edens established the company with a common goal to revolutionize investment. They had expertise from financial institutions which helped them grow asset base in less than five years. In 1999 the Journey to investment kicked off with its first product named Fortress Investment Fund I. The company gained huge popularity from 1999-2006 and its investments grew by almost forty percent. Kauffman quitted the company after fifteen years and decided to focus elsewhere leaving Nardone and Edens to run the company.
History of the company
In the first ten years of investment, the company experienced tremendous growth that led to listing in the New York stocks exchange in 2007. Diversified products that are Fund I, II, III and IV were introduced into the market. In 2015 Michael Novogratz left the company’s board and Peter Briger Joined as a principal. The company also bought several assets in 2006-2007. This made the company continue to develop with even 2 additional board members to run the new assets. The IPO launched proved to be a reward to the company adding more confidence to investors. Fortress investment group made more acquisitions including American General Financial Services in 2010. Since then, more offices have been opened around the world including China and Singapore. The company was crowned Management Firm of the year in 2014 by HFMWeek magazine.Due to its exemplary performance, Fortress investment group was acquired by SoftBank Group Corporation in 2017 at a value of 3.3 billion dollars. It grew from $400 million to about $70 billion worth of assets being managed over a period of twenty years. Currently, the company focuses on Equity, Permanent Capital Vehicle Divisions, and Credit as the major investment drivers.