Fortress Investment Group is an investment management firm based in New York City. Fortress Investment Group LLC was established as a private equity firm in 1998 by Wesley R. Edens, Rob Kauffman, and Randal Nardone. When Fortress was launched on the NYSE on February 9, 2007, it was the first major private equity firm in the United States to be publicly traded. As of June 30, 2016, the company manages approximately $ 70.2 billion of alternative assets in private equity, liquid hedge funds, and credit funds.
Video Fortress Investment Group
History
1998-2010
Fortress Investment Group LLC was established as a private equity firm in 1998 by Wesley R. Edens, a former partner at BlackRock Financial Management, Inc.; Rob Kauffman (businessman), managing director of UBS; and Randal A. Nardone, also the managing director of UBS. The fort was quickly expanded to hedge funds, real estate-related investments and debt securities, run by Michael Novogratz and Pete Briger, both former partners at Goldman Sachs.
Fortress Investment Group investments grew rapidly, with private equity funds netting 39.7% between 1999 and 2006. When Fortress was launched on the NYSE on February 9, 2007 with Goldman Sachs and Lehman Brothers undertaking underwriting IPOs, it was the first major private equity firm in the United States to be traded publicly. After the 2008 economic downturn, Forbes included Wesley Edens (and two other Benteng chiefs) among the "biggest billionaire losers of 2008", noting that Edens "watched his wealth diminish as investor redemption soared at the company's flagship fund". The castle and its principles were later featured in the April 2009 article Vanity Fair on the adverse economic conditions facing hedge funds.
2010-present
In 2014, Fortress Investment Group was named "Hedge Fund Manager of the Year" by Institutional Investor and Management Firm of the Year by HFMWeek. The Fort had previously been recognized by Institutional Investors as the "Macro-Focus Hedge Discedionary of the Year" for 2012, and "Credit Focused Fund of the Year" for 2011 and 2010. In Autumn 2014, Fortress hired Jeff Feig, formerly Head of Global Foreign Currency Exchange at Citigroup to join Novogratz as co-CIO of Fortress Macro Fund. However, on October 13, 2015, the company announced that $ 2.3 billion of Macro Funds is to cover and distribute its assets to investors. This development occurred after Feig resigned as co-CIO of funds in July 2015. According to the company, Novogratz, the remaining CIO, is expected to retire from the company by the end of 2015. On 30 June 2016, Benteng Investment Group has four core businesses with a total of approximately $ 70.2 billion of managed assets: private equity, credit, liquid markets and traditional asset management (Logan Circle Partners acquired in April 2010).
On February 14, 2017, SoftBank Group agreed that it would in future purchase Fortress Investment Group LLC for $ 3.3 billion. The acquisition of SoftBank was completed in the last week of December, amounting to $ 3.3 billion for SoftBank Group Corp.
Behind the sexual assault scandal Harvey Weinstein, at the end of October 2017, it was reported that Fortress Investment Group was in talks to lend to Weinstein Co. In December 2017, Fortress Investment Group lent $ 100 million to medical firm Theranos. Theranos is reportedly on the verge of bankruptcy, with loans to keep them through through 2018. At the time, the Citadel also had an underdog bet on a private passenger train line in Florida. On January 3, 2018, however, the company has escaped from the Florida East Coast Railway and Logan Circle Partners. It remains the parent company of the Brightline passenger train in Florida, however, which is the only privately owned passenger train owned and operated in the United States. On January 3, 2018, it was reported that Benteng approached an agreement to sell its stake in OneMain to Apollo Global Management. The agreement was announced on January 5, with Varde Partners also taking part in the purchase.
Maps Fortress Investment Group
Company portfolio
In 2006, Fortress-managed Funds acquired Canadian ski resort operator Intrawest, North America's largest ski resort operator that also operates luxury travel adventure brands such as Abercrombie & amp; Kent, which was sold in August 2016.
On November 15, 2006, RailAmerica Inc. announced that Fortress-managed fund will acquire the company, offering $ 16.35 per share (32% premium). The transaction was completed in February 2007. The fort then sold RailAmerica through its initial public offering in October 2009.
On May 8, 2007, Florida East Coast Industries (FECI), the parent company of Florida East Coast Railway, announced that after the unanimous vote of the FECI Board of Directors, Fortress-managed fund will acquire FECI in a $ 3.5 billion deal. The Surface Transport Council approved the transaction in September 2007. Although RailAmerica operates the FEC for a time, the two have never been merged, and once the IPOmerica Citadel is withheld, the FEC (and still exists).
On June 15, 2007, Citadel announced that it would partner with Centerbridge Partners to acquire Penn National Gaming, a casino operator and racetrack, for $ 6.1 billion. Penn National shareholders will receive $ 67 cash for each share. On July 3, 2008, Benteng withdrew from the agreement amid an uncertain economic climate. Under the termination agreement, Penn National received $ 1.475 billion, consisting of a $ 225 million separation fee and a $ 1.25 billion interest-free loan from Fortress, Centerbridge, Wachovia and Deutsche Bank. Fortress co-chairman Wesley Edens took a position on the Penn National board as part of the agreement.
Fortress has taken some of its portfolio companies publicly, such as Aircastle Ltd., Brookdale Senior Living Inc., GAGFAH and RailAmerica, Inc.
Fortress said it had lost $ 125 million to buy a fake money order from Marc Dreier, who has operated the Ponzi scheme. The castle filed a lawsuit against Dechert's law firm in an attempt to recover the losses. The suit was filed in a New York state court, accusing Dechert of issuing "fake" legal notices that Dreier used to deceive Fortress.
Portofolio investasi ekuitas swasta Fortress termasuk Aircastle Limited, Alea Group Holdings (Bermuda) Ltd, AMRESCO, Boxclever, Capstead Mortgage Corporation, CW Financial Services, Eurocastle Investment Limited, Flagler, East Coast Railway Florida, GAGFAH, GateHouse Media, Inc., Global Signal, Inc., Green Tree Servicing LLC, Pensiunan Liburan, Intrawest, Italfondiario, Kramer Junction, Mapeley Limited, MBS Holdings, MS Hub, Nationstar Mortgage LLC, Penn Gaming Nasional, Inc., Perdana Ritel, RailAmerica, RESG, Seacastle Inc. , Simon Storage, Springleaf Financial, dan Umami Burger.
On January 21, 2014, Fortress Investment Group was the winning bidder for the assets of Montreal, Maine, and Atlantic Railway, a bankrupt lane after a take-off takeoff on an offshore train on July 6, 2013 filled with crushed crude oil. historic downtown Lac-MÃÆ'Â © gantic, Quebec, and burned forty-seven locals of the local town. In March 2014, John E. Giles of the Great Lakes Partners forecast a $ 10- $ 20 million investment will be needed over three years to improve the pathway, the Fortress brand as Central Maine and the Quebec Train, because it is in poor condition and currently not safe for the transportation of oil or dangerous goods. The sale is completed on May 15, 2014, worth USD 15.85 million.
In October 2014, it was reported by the Birmingham Business Journal that Fortress Investment Group has purchased the Inverness Corners retail center. Fortress Investment Group is also the holding company for Mystays hotels and resorts in Japan.
Controversy
Intrawest late payment
In 2006, Fortress acquired Intrawest in leveraged purchases. Three weeks before the opening of the 2010 Winter Olympics in Vancouver, Benteng failed to make payments on his loan used to buy Intrawest. This has led to its creditors forcing Intrawest to break away from some of its resort ownership in 2009 and 2010, which includes Whistler Blackcomb, to reduce its debt burden.
Patent
Fortress Investment Group supports German patent trolls, non-manufacturing entities IPCom GmbH & amp; Co KG, which is famous for suing Nokia for patent infringement of $ 17.77 billion in 2008. Many IPCom patents have been canceled by the court and millions of dollars have been issued in legal fees.
Olympic village funds
Fortress Investment Group is the principal lender to the Millennium Development Group to build a $ 875 million (CAD) athlete village for the 2010 Winter Olympics at Southeast False Creek, Vancouver, British Columbia. Financial instability in September 2008 saw Fortress Investment Group reportedly on the verge of bankruptcy. As a result, the Citadel was unable to provide further financing for the Millennium forcing the City of Vancouver to pay about $ 450 million (CAD) to complete the project in time for the Winter Olympics. The city of Vancouver submitted a request and received the legislative approval from the Province of BC to borrow as much money as needed to allow the project to finish. The village was completed in November 2009, and Fortress Investment became the owner of the village after the 2010 Winter Olympics.
The key person
- Randal A. Nardone: CEO, Co-Founder, Principal
- Wesley R. Edens: Co-Founder, Principal
- Peter L. Briger: Headmaster
Board of directors
- Wesley R. Edens: vice chairman
- Peter L. Briger: vice chairman
- Randal A. Nardone
- David B. Barry
- Douglas L. Jacobs
- Michael G. Rantz
- George W. Wellde, Jr.
See also
- List of asset management companies
- List of hedge funds
References
External links
- The official website of Fortress Investment Group
- Yahoo! - Company Profile Fortress Investment Group
Source of the article : Wikipedia
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