2018 was a year of big changes for Fortress Investment Group LLC. It was acquired by multinational conglomerate SoftBank Group Corp. just before the year commenced. It is a global investment firm that was established in 1998 in New York City. Taken public in 2008, its purchase by SoftBank means that it is once again privately held.
Fortress Investment Group exclusively invests in alternative assets. The three they actively manage are venture capital, credit, and real estate. As of January 2019, it manages $40 billion in global assets. These are independently managed by three principals. These are Pete Briger, based in San Francisco, and Wes Edens and Randal Nardone who are in New York City.
Wes Edens said that they are enjoying being a private company once again. They just completed their most successful 12 months and he didn’t see that as a coincidence of being a private company. The two chief executive officers don’t have to sell Fortress Investment Group to investors. Quarterly conference calls are done with. Just being able to focus on what they do best – investing – has been a boon.
They made two big real estate investments in 2018. One of them is TSX Broadway in NYC. This is a $2 billion project at the heart of Time Square. It will be a hotel and entertainment venture that features innovative technology. Big technology companies like Samsung, Google, Facebook, and Amazon have expressed interest in getting involved. Disney and Walmart have also shown they want to be a part of this project.
Fortress Investment Group also invested in Palm Beach, Florida’s Tiffany & Co. building. This is an iconic property that is one of the most highly-sought retail areas in America. It was purchased for $20 million.
In 2018, Fortress Investment Group also became a direct-lender. It opened a $2 billion fund that will lend money to other companies such as iPass. Fortress lent this company $20 million so it could expand its global Wi-Fi hotspot network. The loan is secured by Ipass’s intellectual property and patents.
Check more about Fortress Investment Group: http://careers.fortress.com/