From the time the Fortress investment group was established it has been a trendsetter in the financial market. It was started as a private equity firm in 1998 by Randal Nardone current principal, Rob Kauffman, who retired in 2012, and Wes Edens also a current principal. The founders were seasoned in the financial industry. They previously held positions in BlackRock financial management, UBS, Goldman Sachs Lehman brothers as financial managers. With this experience, the founders were inspired to start an “alternative asset” investment firm to raise private equity and investment for the development of cutting-edge vehicles.
Growth and investments.
Their business endeavor was welcomed by rapid growth and success with their assets under management value increasing to about 3.9 billion dollars from 400 million dollars startup, over a five year period. It’s equity funds grew by approximately 40 percent from ’99 to 2006. Fortress investment group launched the Fortress Investment Fund 1, its first investment vehicle in 1999, just a year after the group was founded. It didn’t take long before the Fortress Investment group diversified its investments. They started with making investments in Toronto and New York real estate markets, then to hedge funds and debt securities.
A little on Fortress Investment group founders.
Rob Kauffman. Fifteen years after founding and working in the firm Kauffman bought fifty percent of Micheal Waltrip Racing, as a plan to follow on one of his passions, racing. He also founded RK Motors Charlotte for vintage car restoration.
Randal Nardone. Still a current member of the Fortress Investment Group’s management committee and also it’s the current CEO. He also holds leadership positions in the groups’ subsidiaries, Seacastle, Florida East Coast Railways, Impact Commercial holding among others.
Wes Edens. He not only holds a leadership position in the group but also in the world of finance and a professional sports owner. He partnered with Marc Lasry and purchased Milwaukee Bucks for 550 million dollars. He is the owner of a League of Legends Team, FlyQuest, and a supporter of eSports. In Fortress, his focus is, primarily on the core of Fortress Investment Group since its establishment, private credit.
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