Fortress Investment Group is a global leading firm in investment management based in New York City. It was founded in the year 1998 by Wes Edens, Randal Nardone, and Robert Kauffman.The firm mainly deals in private equity, traditional asset management, and liquid markets. Randal Nardone is the interim Chief Executive Officer of the firm. He was appointed to the post after Daniel Mudd voluntarily stepped down in the year 2011.Mudd had been selected to the position in 2009. Wes Edens is the principal and co-chairman of Board of Directors. He shares the post of co-chairman with Peter Briger. The firm began in 1998 with an initial investment of $400 million.It has since grown to operate in real estate, hedge funds, and debt security. These operations are headed by Peter Briger and Michael Novogratz who have extensive experience in fund management.Fortress Investment Group was enlisted in the New York Stock Exchange in the year 2007.
It became the first large-scale private equity firm to be traded out publicly. The firm has won many awards including Management Firm of the Year from HFMWeek, Hedge Fund Manager of the Year from institutional Investor and Credit Focused Fund of the year. The firm controls over $70 billion of assets under management. This is distributed across private equity, traditional assets management, and liquid markets. It has a highly skilled and experienced staff of about 2600 employees. Since its inception, Fortress Investment Group has acquired a couple of other companies. In 2006, it acquired Canadian ski resort Intrawest. On November 2006, it went ahead to purchase RailAmerica corporation at $16.35 per share.
After buying the RailAmerica in 2006, Fortress Investment Group sold it in 2009 through the initial public offering. Penn National Gaming, Springleaf Financial, Eurocastle Investment Limited Alea Group Holdings, Global signal and Green Tree servicing are some of the other portfolio corporations under Fortress Management Group. The firm is specialized in asset-based management in its businesses and diverse asset types. Its expertise ranges from the pricing and financing of investments to the oversight and management of both financial assets, these include real assets and capital assets. It also has high expertise in corporate mergers and acquisitions. It was largely involved in the 2010 winter Olympics. The company was the major lender of Millennium Development Group. It funded the MDG in the building of the $875 million athlete village in False Creek, Vancouver in British Columbia.