Fortress Investment Group is the largest private investment firm ever to be listed on the NYSE. Started in 1998, the firm has to become a significant investment management company in America. The group has a diverse clientele, among them institutions and private investors.
Fortress Investment Group’s portfolio ranges from liquid hedge funds, private equity and credit fund. As of 2020, it was managing assets worth roughly $45.5 billion with annual revenue of $1.1 billion and a net income of $180 million. The New York based group went public in 2007, making it the largest private firm listed on the NYSE. Since then, it has diversified to offer various products among the traditional asset management, hedge funds, railroad, and credit.
During the 2008 market crash, Fortress Investment Group was among the biggest losers. It was even featured in the Vanity Fair magazine to highlight Hedge Funds’ dire situation. It was even rumored that the firm came to bankruptcy. However, it recovered after the market crash earning recognition and awards, among them the Management Firm of the Year in 2014.
Fortress Investment Group New York was acquired in 2017 by Softbank Group in a deal worth $3.3 billion. Fortress Investment Group has been a significant creditor for companies in distress, among them Therano’s and Weinstein Co. Besides rescuing other companies, the group has acquired several companies among Intrawest, RailAmerica, and Penn National Gaming, further increasing its portfolio list.
The group has not been without controversy. In 2006, Fortress failed to make payments for its loans used in the acquisition of Intrawest. It was also involved in a patent controversy involving GmbH & Co, although most of these controversial cases were invalidated by courts. Finally, in 2020, Fortress Group received backlash concerning the attempt of one of its subsidiaries to raise patent trolling on a firm that was developing Covid-19 tests.
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