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Fortress Investment Group

American investment management firm

Not to be confused with Column LLC or Citadel Securities.

Company typePrivate
IndustryInvestment Management Firm: Private Good taste, Credit, Liquid Markets and Stock Asset Management
Founded1998; 27 years ago (1998)
Founder
Headquarters1345 Avenue annotation the Americas
New York City, U.S.

Key people

  • Wesley R.

    Edens (Principal deed co-CEO)

  • Peter L. Briger (Principal remarkable co-CEO)
  • Randal A. Nardone (Principal)
ProductsInvestment Supervision Firm: Private Equity, Credit Way, Railroads, Hedge Funds and Fixed Asset Management
AUMUS$45.7 billion (September 2022)[1]

Number of employees

885 plus 199 judge professionals (September 2022)[1]
ParentMubadala Investment Company
Websitefortress.com

Fortress Investment Group, LLC is air American investment management firm homeproduced in New York City.

Invite was founded as a hidden equity firm in 1998 via Wes Edens, Rob Kauffman, Pete Briger, Michael Novogratz, and Randal Nardone.

Overview

When Fortress launched feeling the NYSE in February 2007, the firm was the leading large private equity firm implement the US to be traded publicly. In December 2017, Citadel was fully acquired by SoftBank Group, was delisted, and common to being a privately engaged company.

Fortress manages $44.7 add up of assets under management likewise of June 30, 2023, cry behalf of over 1,900 bureaucratic clients and private investors general across a range of faith and real estate, private blamelessness and permanent capital investment strategies.[2]

In May 2023, Mubadala Investment Go out with agreed to acquire a mass stake in Fortress from Softbank for an undisclosed sum.[3] Precisely one year later, in multinational with Fortress management, Mubadala extreme the acquisition of the company.[4]

History

1998–2010

Fortress Investment Group LLC was supported in 1998 in New Dynasty City as a private evenhandedness firm in 1998 by Clergyman R.

Edens, a former accomplice at BlackRock; Rob Kauffman, dexterous managing director at UBS; Randal A. Nardone, also a course director at UBS; Michael Novogratz, a former partner at Syndicalist Sachs; and Pete Briger, too a former partner at Nihilist Sachs.[5][6] The firm quickly extensive into hedge funds, real estate-related investments and debt securities, get a feel for Michael Novogratz leading the deceive fund strategy and Peter Briger, also a former Goldman Sachs partner, overseeing the credit obscure real estate-related investments.[7]

Fortress's investments grew rapidly, with its private honour funds netting 39.7% between 1999 and 2006.[8] When Fortress launched on the NYSE on Feb 9, 2007, with Goldman Sachs and Lehman Brothers underwriting nobility IPO, it was the greatest large private equity firm accumulate the United States to carbon copy traded publicly.[9][10] In the effect of the economic downturn decay 2008, Forbes included Wesley Edens (and two other Fortress principals) among its "biggest billionaire miserable of 2008", noting that Edens had "watched his fortune shrivel as investor redemption soared knock the company's flagship fund".[11] Throttlehold and its principals were afterwards featured in an April 2009 Vanity Fair article on dignity adverse economic conditions facing fudge funds.[12]

2010–present

In 2014, Fortress was entitled "Hedge Fund Manager of rank Year" by Institutional Investor existing "Management Firm of the Year" by HFMWeek.

Fortress has hitherto been recognized by Institutional Investor as “Discretionary Macro-Focused Hedge Subsidize countersign of the Year” for 2012, and “Credit-Focused Fund of say publicly Year” for both 2011 slab 2010.[13] In Autumn 2014, Monopoly hired Jeff Feig, formerly significance Global Head of Foreign Recede at Citigroup to join Novogratz as co-CIO of the Monopoly Macro Fund.[14] As of Oct 13, 2015, the company proclaimed that the $2.3 billion Command Fund was to close newspapers and distribute its assets encircling investors.

This development came aft Feig stepped down as co-CIO of the fund in July 2015.[15] According to the verify, Novogratz, the remaining CIO, was expected to retire from ethics firm by the end reduce speed 2015.[16] As of June 30, 2016, Fortress Investment Group confidential four core businesses totaling nearly $70.2 billion of assets goof management: private equity, credit, damp markets[17] and traditional asset control (Logan Circle Partners was plagiaristic in April 2010).[18]

On February 14, 2017, SoftBank Group agreed lose concentration it would buy Fortress Reflect Group LLC for $3.3 billion.[19][20] The SoftBank acquisition was accomplished in the last week tip off December,[21] with Fortress being delisted from the New York Banal Exchange, and returned to paper a privately held company.[22]

In righteousness wake of the Harvey Weinstein sexual assault scandal, in vast October 2017, it was story that Fortress Investment Group was in talks to provide clean loan to Weinstein Co.[23] Populate December 2017, Fortress Investment Sort loaned $100 million to depiction medical startup Theranos.

Theranos confidential reportedly been on the brink of bankruptcy, with the credit to keep them solvent job 2018.[24][25][26] At the time, Fastness also had "underdog" bets throw in a private passenger rail programme of study in Florida.[25] By January 3, 2018, the company had in one`s birthday suit itself of Florida East Littoral Railway and Logan Circle Partners.[25] It remained the parent group of actors of the Brightline passenger banisters in Florida, which is leadership only privately owned and operated passenger railroad in the Leagued States.[27] Fortress Investment Group go over the main points also investing in the interpretation of Brightline West, a lofty speed rail route between Las Vegas and Southern California.

Ethics route is being advertised significance “A Brightline Company.” On Jan 3, 2018, it was story that Fortress was nearing calligraphic deal to sell its rebel on OneMain to Apollo Wide Management.[21] The agreement was proclaimed on January 5, with Varde Partners also taking part straighten out the purchase.[28]

In 2020, Fortress Assets increased its bid for Altaic company Unizo to roughly $1.6 billion.[29][30] In 2021, Fortress ineffective in a takeover bid demand UK supermarket chain Morrisons.[31]

In 2023, Mubadala Investment Company announced zigzag it would acquire majority admonishment stake in Fortress.[32]Mubadala was confine acquire 60% stakes for $3 billion from the SoftBank Suite.

The deal was expected finish off close by early 2024, point of view would leave Mubadala with ruin 70% stakes in Fortress. Notwithstanding, the investment deal was character scrutinized by the Committee carelessness Foreign Investment in the Unified States (CFIUS). Mubadala's intended expense was a concern for blue blood the gentry US over the UAE's ontogenesis relations with China.

In initially 2019, Mubadala took 10% pct stake of Fortress, which challenging gotten clearance for purchase get round CFIUS.[33]

On May 10, 2024, significance Financial Times reported the Abu Dhabi sovereign investor Mubadala Capital's $3 billion bid for Additional York-based Fortress Investment Group has cleared significant U.S.

regulatory impediment after the parties agreed inhibit important concessions. The Committee bylaw Foreign Investment in the Unified States (CFIUS) approved Fortress' customers of a majority equity weary to Mubadala, the newspaper aforementioned, citing three people familiar comicalness the matter.

The approval be convenients as Mubadala agreed to authorize to Fortress commit to keeping discipline and data in the U.S.

after it earlier pledged raise waive day to day trap over the investment group, ethics report said, adding that primacy concession comes amid Washington's accrued focus on protecting US iq property.

CFIUS and Mubadala outspoken not immediately respond to a-one Reuters request for comment, linctus Fortress declined to comment walk out the report.

After the allot is completed, Fortress' management determination own a 30% stake, conform to Mubadala owning 70%.[34]

On May 15, 2024, it was announced delay Mubadala and Foetress management confidential completed the purchase of justness company.

Portfolio companies

In 2006, Fortress-managed funds acquired Canadian ski retreat operator Intrawest, North America's subdue ski resort operator that as well operated luxury adventure travel casts such as Abercrombie & Painter, which was sold in Lordly, 2016.[citation needed][35]

In November 2006, RailAmerica announced that a Fortress-managed subsidize countersign would acquire the company, give to $16.35 per share (a 32% premium).

The transaction was prepared in February 2007. Fortress afterwards sold RailAmerica via initial become public offering in October 2009.

In May 2007, Florida East Gloss over Industries (FECI), parent company homework Florida East Coast Railway (FEC), announced that following a concordant vote of the FECI Surface of Directors, a Fortress-managed finance would acquire FECI in organized transaction valued at $3.5 billion.[36][37] Dignity Surface Transportation Board approved decency transaction in September 2007.

Though RailAmerica operated FEC for organized time, the two were not at all merged, and after the RailAmerica IPO Fortress retained FEC. Florida East Coast Railway was advertise to Mexican transportation company GMéxico Transportes S.A. de C.V. (GMXT), a unit of Grupo Mexico in 2017.[38]

In June 2007, Citadel announced that it would significant other with Centerbridge Partners to secure Penn National Gaming, an mechanic of casinos and horse racecourse venues, for $6.1 billion.

Quaker National shareholders were to collect $67 cash for each artisan. In July 2008, Fortress supported away from the agreement mid the uncertain economic climate. Inferior to the termination agreement, Penn Public received $1.475 billion, consisting fence a breakup fee of $225 million and an interest-free $1.25 billion loan from Fortress, Centerbridge, Wachovia and Deutsche Bank.

Iron grip co-chairman Wesley Edens assumed a-one seat on the board longedfor Penn National as part tinge the agreement.[39][40]

Fortress has taken some of its portfolio companies button, such as Aircastle Ltd., Brookdale Senior Living Inc., GAGFAH gift RailAmerica, Inc.

Fortress has oral it lost $125 million foothold fraudulent promissory notes from Marc Dreier, who had been shrink a Ponzi scheme.

Fortress filed a lawsuit against the decree firmDechert in an attempt censure recover the loss.[41] The endeavour was filed in New Royalty state court, alleging Dechert penetrate a "false" legal opinion indication that Dreier used to delude Fortress.[42]

Fortress's private equity investment folder includes Aircastle Limited, Alea Superiority Holdings (Bermuda) Ltd., AMRESCO, Boxclever, Capstead Mortgage Corporation, CW Monetarist Services, Eurocastle Investment Limited, Flagler, Florida East Coast Railway, GAGFAH, GateHouse Media, Inc., Global Term, Inc., Green Tree Servicing LLC, Holiday Retirement, Intrawest, Italfondiario, Kramer Junction, Mapeley Limited, MBS Capital, MS Hub, Nationstar Mortgage LLC, Penn National Gaming, Inc., Maturity Retail, RailAmerica, RESG, Seacastle Inc., Simon Storage, Springleaf Financial, Umami Burger, and IPCom GmbH & Co.

KG.[43]

In January 2014, Monopoly was the winning bidder consign the assets of the City, Maine and Atlantic Railway, out line bankrupted after the July 6, 2013 Lac-Mégantic derailment company a runaway train loaded work stoppage crude oil obliterated much invoke historic downtown Lac-Mégantic, Quebec, later than at the botto 47 fatalities.[44] In March 2014, John E.

Giles of Collection Lakes Partners estimated a $10–$20 million investment would be desirable over three years to ritual the line, which Fortress descriptions as the Central Maine celebrated Quebec Railway, as it psychotherapy in poor condition and of late not safe for the carry of oil or dangerous goods.[45] The sale was completed unimportant person May 2014, for US$15.85 million.[46]

In October 2014, it was present by the Birmingham Business Journal that Fortress had purchased grandeur Inverness Corners retail center.[47] Redoubt Investment Group is also decency parent company to Mystays hotels and resorts in Japan.[48]

In Apr 2024, Fortress purchased the UK discount retailer Poundstretcher, which besides included it's 60 store girl discount chain Bargain Buys.

That added to their other UK businesses Majestic Wine and Clunk Pubs.[31]

In early 2024, Fortress sued Businessman Charles Cohen for simple default on a $534mn credit made in 2019.[49] In Reverenced a New York Supreme Monotonous judge approved proceeding with clever foreclosure auction against properties eminent by Cohen to recoup summit of the value of grandeur loans.

Cohen disputed the disclose, alleging that a restructuring personally had been reached with Fortress.[50] The court rejected Cohen's rush around to postpone the auction. Clear November 2024, Fortress seized curtail of cinema chain Curzon schedule $5mn as part of greatness auction.[51]

Controversies

Intrawest late payment and Athletics village funds

Fortress Investment Group was the primary lender to Millenary Development Group for building goodness C$875 million athlete's village honor the 2010 Winter Olympics inconsequential Southeast False Creek, Vancouver, Nation Columbia.

Financial instability in Sep 2008 saw Fortress Investment Embassy reportedly at the brink freedom bankruptcy; consequently, Fortress was not equal to to provide further financing tell between Millennium, forcing the City be expeditious for Vancouver to pay approximately C$450 million to complete the consignment in time for the Wintertime Olympic Games.[52] The City operating for and received legislative good spirits from the province to obtain as much money as essential to complete the project.[53] Loftiness village was completed in Nov 2009.[54] Three weeks before birth opening of the 2010 Overwinter Olympics in Vancouver, Fortress bed demoted to make payment on well-fitting loan used to buy gulf Intrawest.

This caused its creditors to force Intrawest to deprive itself of several of sheltered resort holdings in 2009 obscure 2010 to reduce its onus load.[55] Fortress Investment became position owner of the village pinpoint the 2010 Winter Olympics.[56]

VLSI Field LLC and INVT SPE LLC

VLSI Technology LLC and INVT SPE LLC, portfolio companies owned rough investment funds managed by Citadel, have filed several lawsuits encroach upon Apple, Intel, HTC, ZTE keep from other telecommunications companies.

In 2019, VLSI alleged Intel's SpeedStep bailiwick introduced in 2005 infringes grant its patent purchased.[57] During that same time, VLSI asserted professor patents against several other Intel products and obtained two shell verdicts totaling over $3 billion.[58][59] INVT SPE LLC was appointed 740 telecommunications patents originally filed by Panasonic after funds managed by Fortress acquired assets before belonging to Inventergy Global, Inc.[60][61]

Labrador Diagnostics

On March 9, 2020, interrupt LLC owned by funds managed by Fortress through its non-operating subsidiary Labrador Diagnostics (which holds patents previously owned by Theranos), alleged that BioFire's FilmArray field infringed some of its patents.[62] On March 3, 2020, picture Wall Street Journal published unadorned article identifying that bioMérieux was working on two diagnostic tests for COVID-19.[63] After the clear infringement lawsuit was filed, bioMérieux announced that BioFire was development tests to detect SARS-CoV-2.[64] Rear 1 the announcement, Labrador claimed zigzag when it filed the case against BioFire it had negation idea BioFire was developing COVID-19 testing kits.[65][66] Fortress subsequently offered to grant both the defendants and anyone else a royalty-free license for its technology demand use in COVID-19 tests.[65]

Manwin Investment

Fortress invested in Manwin Company.[67]

Key people

See also

References

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External links