Founded on January 1, 1998, Fortress Investment Group is an asset management corporation. The firm deals with the management of alternative assets in private equity (PE), credit funds and liquid hedge funds. This financial services company was founded by Wes Edens, Randall Nardone, and Peter Briger. The company employs 900 skilled laborers. It has its headquarters in Greater New York Area.
According to a report on Daily Forex Exchange, Fortress Investment Group partnered in with iPass for $20 million. iPass is a leading provider of worldwide connectivity options. Gary Griffiths, President and CEO iPass appreciated the funding saying that it would help the company grow in revenue while closing the gap in productivity. The deal was brokered by Riley Financial Inc. where iPass secured the loan with all its substantial assets. This included its patent portfolio and SmartConnect technology. iPass is a global provider of Wi-Fi networks with more than 64 million hotspots globally. The firm expects to grow the number of its hotspots to 340 million by the end of 2018.
Fortress Investment Group was considered to be a trendsetter in 2007 when it gave its initial public offering (IPO). It was the first big private equity corporate to go public on the New York Stock Exchange (NYSE). Currently, the firm has assets of over $43 billion. It also has over 1,750 financiers in permanent capital vehicles, hedge funds, and private equity. The company’s more than two decades of operations and experiences has earned its staff a lot of expertise in the management of Mergers & Acquisitions (M&A). In 2017, Softbank Group Corporation bought the firm at a price of $3.3 billion. It was the first to be purchased.
In June last year, Fortress Investment Group founder and CEO Wes Edens established a private train. It was known as the Brighline. It aimed at providing an alternative, fast and reliable transport access from Miami to Fort Lauderdale. Commuters face frustrations when traffic problems arise, doubling the time taken to reach destinations. By May 19 this year, the train had begun its operations in Miami and other neighboring areas. Other advantages include complimentary Wi-Fi, USB ports, power outlets, lounges and food services. Travelers get to enjoy the comfort of leather seats. Edens is a graduate of Oregon State University.