Fortress Investment Group was formed in 1998 and it has been a trendsetter since its formation. It is something that IPO highlighted in 2007, as the largest private equity that went on the public in NYSE. Today, the organization is diversified and it directs more than $43 billion worth assets which are for more than 1,750 investors in the hedge funds, permanent capital vehicles, and private equity. It has a strong strategy favoring the investors for a long period. Fortress Investment has its headquarters located in New York and it has employed more than 900 people. The organization has three principles Peter Briger based in San Francisco, Wes Edens and Randal Nardone both based in New York.
The founders of the organization were Wes Edens, Randal Nardone and Rob Kauffman who retired in 2012. The aim of creating Fortress Investment Group was to create an investment firm that can raise the private equity and then invest into cutting-edge vehicles. The assets grew quickly under their management where they were approximating $3.9 billion in the past five years and in 2007, the asses had raised into $32.6 billion. The organization was able to launch in 1999 its first investment vehicle and some of its investments in real estates were in Toronto and New York markets. Later, the organization expanded into hedge funds and debt securities.
As Wes Edens and Nardone became involved with running the company after 15 years of operation, Kauffman focused on car racing, his long life interest. He purchased Michael Waltrip Racing and also founded the RK Motors.
In the first decade of the organization exists, it was dramatic and hard-driving. Fortress Investment group had expanded into an investment fund. With the existence of Wes Edens and Nardone, they added other two key players in 2002. Michael Novogratz came as the fund manager from Goldman Sachs and led the organization to become the fast developing in the cryptocurrency sector. He left the fortress investment group in 2015.
After the new principals had come on the board, they run acquisition and the organization growth continued and culminated its big splash in 2007. In the report from CNBC, it was referred as the first hedge fund located in the United States in launching an IPO. It opened a high price and high risk in the world of private equity and hedge funds. Nassef Sawiris and Wes Edens buy Aston Villa controlling stake