Fortress Investment Group LLC

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Fortress Investment Group LLC
Founded 2006
Headquarters New York
Key People Peter L. Briger, Jr., Co-Chairman & Principal
Wesley R. Edens, Co-Founder, Co-Chairman & Principal
Employees 969
Products Global investment management
Website Fortress Homepage

Fortress Investment Group LLC is a global investment management firm headquartered in New York. As of Sept. 30, 2011, Fortress had approximately $43.6 billion in assets under management.

On Dec. 21, 2011, CEO Daniel H. Mudd announced that he would be taking a leave of absence due to his involvement in a U.S. Securities and Exchange Commission (SEC) suit against Fannie Mae. Mudd is the former CEO of Fannie Mae and was temporarily replaced by Fortress co-founder Randal A. Nardone.[1]

History

Fortress Investment Group LLC was founded in 1998 with approximately $400 million in assets under management. In 2009, Mudd was appointed as CEO and Fortress listed its initial public offering on the New York Stock Exchange (NYSE). In 2010, Fortress acquired Logan Circle Partners and began offering fixed income asset management services.[2]

Fortress has offices in New York, Atlanta, Los Angeles, Dallas, San Francisco, New Canaan, London, Sydney, Tokyo, Singapore, Shanghai, Frankfurt, Seoul and Rome.[3]

In February 2020, Fortress sent letters to creditors of the defunct cryptocurrency exchange Mt. Gox, offering to buy their credit claims at a rate of $1,300 per bitcoin owed - 88 percent of its estimated value, according to the letter. Fortress made similar offers in December 2019, offering to buy the claims at $755 per bitcoin. Michael Hourigan, a managing director at Fortress, said in the letter that the firm was making the offer "due to the likely timeline (3 to 5 years) and financial risk of the ongoing litigations" related to getting the bitcoin from Mt. Gox. At this point, the price of bitcoin had rallied about 40 percent since the beginning of the year, surpassing $10,000 around the time the letters were sent out.[4]

Products and Services

Asset-Based
"Fortress businesses, across its private equity funds and credit funds specialize in asset-based investing, and bring to bear significant experience in investing broadly and deeply in a diverse set of asset types. Fortress's expertise extends to pricing, owning, financing and overseeing the management of physical and financial assets ranging from real estate and capital assets to financial assets secured by diversified long-term cash flows."

Industry Knowledge
"Fortress has deep knowledge of the industries in which it invests. In the course of executing investments and operating portfolio companies, Fortress has developed a team of investment professionals with significant sector-specific expertise and relationships with leading companies, institutions and individuals worldwide."

Operations Management
"Fortress has refined a set of tools for assessing operational, structural and strategic challenges. These tools allow Fortress to engage in and extract value from complex investments."

Corporate Mergers and Acquisitions
"Our experience in corporate mergers and acquisitions enables us to work with corporate boards of directors, management and various stakeholders in order to determine optimal structuring and execution of an investment."

Capital Markets "Fortress has considerable capital markets expertise, and has expertise in securing low-cost, low-risk financing for its investments by accessing the debt and equity capital markets."[5]

Key People

References

  1. Fortress CEO Mudd Takes Leave Amid SEC’s Fannie Mae Lawsuit. Bloomberg Businessweek.
  2. History. Fortress.
  3. Offices. Fortress.
  4. Fortress Said to Increase Offer to Purchase Mt. Gox Claims. Bloomberg.
  5. About Fortress. Fortress.
  6. Fortress CEO Mudd Takes Leave Amid SEC’s Fannie Mae Lawsuit. Bloomberg Businessweek.