Founded by Wes Edens, Rob Kauffman and Randal Nardone in 1998 as a private equity firm, Fortress Investment Group became one of the first companies of its kind to be traded publicly on the New York Stock Exchange in February of 2007. After going on to manage more than $70.2 billion in alternative assets by June of 2016, it came to be considered the leading investment management company in the country. Its rapid growth led to the business being named the Hedge Fund Manager of the Year in 2014, an honor that was given it to by Institutional Investor magazine.
In a recent partnership with iPass, a company that is responsible for operating the world’s largest Wi-Fi network, Fortress Investment Group extended them a $20 million line of credit, $10 million of which they will have immediate access to in order to work on transforming iPass Unlimited into a cloud-based business. The CEO of iPass, Gary Griffiths, expressed that his company’s balance sheet would be strengthened by Fortress Investment Group’s financing, and that it would give him the ability to focus more on increasing its revenue again. This deal between the two companies will bring long-term profits to investors.
In addition to providing help to iPass, Fortress Investment Group co-founder Wes Edens, who used to be employed with the BlackRock Financial Management firm, came up with an innovative transportation system that helps people in South Florida get around quicker and more conveniently. He is the owner of the Brightline Train service, which made its initial run from Miami to Fort Lauderdale in May 2018, a trip that only took 30 minutes, much less time that it would have taken if a passenger had used a ride-share service. The high-speed train has comfortable leather seats and free Wi-Fi, and food service is also included.
Fortress Investment Group focuses on getting their clients the best returns by using long-term investment strategies. More than 950 alternative asset managers are employed in its New York office and in its affiliate offices that are located all over the world. The company currently manages around $41 billion in assets.
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