Fortress Investment Group has more than $74 billion in assets
under management (as of September 2015) and a network of nearly
6,000 employees, making it one of the world's largest alternative
asset managers. Headquartered in New York, the firm's affiliate
offices in North America are located in Atlanta, Dallas, Los
Angeles, Philadelphia, San Francisco, and New Canaan, Conn.
Overseas outposts include London, Frankfurt, Munich, Rome,
Shanghai, Sydney, Singapore, and Tokyo.
The firm was founded in 1998 by a trio of partners led by Wesley
Edens, known for making savvy distressed asset grabs during the
savings and loan crisis of the early 1990s. Edens' career was the
definition of fast-track: he made partner at Lehman Brothers when
he was in his early 30s, then left in 1993, citing "philosophical
differences" with the firm. Post-Lehman, Edens moved to BlackRock
and then UBS. He launched Fortress with the help of partners
Robert Kauffman and Randal Nardone.
In 2002, the three partners were joined by former high-flying
Goldman Sachs partners Peter Briger and Michael Novogratz, who came
on board to run the firm's hedge funds. Fortress went public in
February 2007 with a closely-watched $10.7 billion initial
offering. On the day of the issue, FIG share prices jumped from
$18.50 to $35. Today, Nardone serves as CEO of Fortress, and Edens
and Briger are its co-chairmen.
Fortress operates through three main business units: alternative
asset management, traditional asset management, and principal
investments. Its formidable private equity operation falls under
its alternative asset management unit. As of the third quarter of
2015, Fortress had more than $16 billion in private equity assets
under management, its traditional assets under management totaled
more than $33 billion, and it had more than $1.1 billion in