Fortress Investment Group began in 1998 under the leadership of Randal Nardone, Wes Edens and Rob Kaufman. Rob Kaufman left the firm in 2012, and now Peter Briger serves as one of the company’s three principles along with both Mr. Nardone and Mr. Edens.
Fortress Investment Group is an investment management company that invests in the areas of private equity, hedge funds and real estate. When the company began, it quickly built up its level of assets under management to $400 million. At the end of the firms first five years of existence, the assets under management had grown to nearly $4 billion. Currently, Fortress has over $40 billion in assets under management, and it serves the investment needs of over 1,750 clients.
In 1999, Fortress Investment Group began its first investment fund named the Fortress Investment Fund I. That particular fund invested heavily in real estate interests in both the New York City and Toronto markets. Through the years, Fortress has added a number of other funds including the Fortress Partners Fund and the Fortress Brookdale Investment Fund.
In 2007, Fortress took the next step in its development. The group decided to go public and bring an IPO to the market. This IPO was quite successful allowing Fortress to become the first hedge fund company in the United States to launch an IPO.
After its IPO, Fortress Investment Group began to offer a wide range of funds to its investors. The group also started to invest in Asian markets, and they developed several Asian-based funds for their investors.
In 2010, Fortress bought the financial services branch of AIGs business. This was just the first of many acquisitions that Fortress made over the next few years. The company also expanded presence by opening up additional offices in the United States and abroad.
In 2017, Fortress Investment Group was acquired by SoftBank in a deal valued at $3.3 billion. SoftBank has stated that they will not be directly involved in the day to day business of Fortress. The three principles will continue their affiliation with the company, and they will contribute to the firm’s long-running success.