New York City is home to Fortress Investment Group, a company involved with investment management. It was founded in 1998 and now manages assets worth $45.5 billion. Initially, the firm planned to operate as a private equity management firm, but in 2007, it went public and is now traded on the New York Stock Exchange.
From liquid hedge funds to private equity and credit funds, Fortress Investment Group has a diverse portfolio. It managed assets worth $45.5 billion in 2020, with $1.1 billion in annual revenue and $180 million in net income. The company went public in 2007, becoming the largest private company to be listed on the New York Stock Exchange, and since then, it has expanded to include a wide range of items.
The company has experienced significant growth since it was founded in 1998. It has a 39.7% growth in equity according to its financial records in 2006. However, the growth was cut short during the 2008 economic crash that left many companies on the verge of collapse. Fortress Investment Group was rumored to be on the brink of bankruptcy after the market crash. Its inclusion in Vanity Fair further stoked fears of bankruptcy. However, it was included to illustrate the economic impact the downturn has on hedge funds.
Fortress Investment Group has, however, remained solid, posting growth in earnings. It has also significantly increased the assets and portfolio to include real estate, hedge funds, and debt securities. Fortress Group continues as among the most significant asset management firm based New York and continues to expand its client base, which includes institutions and private individuals.
Fortress Investment Group acquired several companies along the way. Intrawest, Penn National Gaming, GAGFAH, Brookdale Senior Living Inc, and AirCastle Ltd. Fortress Group was acquired in 2017 in a $3.3 billion deal by Softbank Group. The company has had some controversies, among them the Intrawest deal. The Fortress Group failed to honor debt obligation resulting in the internal divestment of Intrawest by creditors to reduce debt load. The company also has had significant patent trolling cases involving major companies, among them Apple and Intel.