Fortress Investment Group was Founded as a Private Equity Firm

Fortress Investment Group is an American privately owned asset management and hedge fund firm based in New York City. It was founded in 1998 by Wesley R. Edens, Rob Kauffman, Michael Novogratz, and Randal Nardone.

Fortress’ investments include SoftBank Group Corp., Virgin Media, Time Warner Cable Inc., Kazylla Exploration Company, the Chicago Sky (WNBA), Crystal Palace Football Club (EPL), and Au Bon Pain. The Fortress Investment Group portfolio includes debt instruments such as bonds and the credit default swap market. The Fortress was renowned as a financial hedge fund focused on credit market instruments.

1. When Was The Company Founded?

Fortress Investment Group was founded as a private equity firm in 1998 by Wes Edens, Rob Kauffman, Michael Novogratz, and Randal Nardone. It was the first large private equity firm in the US to be publicly traded. The first external investment was the acquisition of the British Virgin Islands-based insurance company Phoenix Holdings Ltd in December 1999.

At that time, Fortress paid $3.4 billion for a 50 percent stake in Phoenix Holdings, which later became Fort Victoria Holdings after Wes Edens and Rob Kauffman founded it. Fortress also acquired Kroll Inc., an investigation and risk consulting firm, in 2000 and sold it to Altegrity Inc.

2. Where Is The Company Located?

The fortress is headquartered in New York City, NY. It also acts as an agency to various banks and governments for loans, managing their client portfolios. It has received numerous business awards, including the Bauer Financial Services Business Award in 2009.

Fortress Investment Group offers a variety of financial products, such as asset-based finance, investment management, and risk management. The firm tries to make money by getting returns on investments that are above the rate of return in the market. Fortress also tries to distribute more shares to its investors instead of paying high dividends overall. Go Here for related Information.