According to BizJournals, Milwaukee Bucks co-owner of Wes Edens is a bigwig in the private equity sector with the New York Times listing $54.4 million as his total take-home pay annually. This package includes a $13.4 million annual compensation at Fortress Investment Group, a company he co-founded in 1988 together with four other principals, Randal Nardone, Peter Briger, Robert Kauffman, and Michael Edward Novogratz. Another $41 million came as dividend as a shareholder making him one of the highest-earning executives in the private equity industry. He is the co-chairman of Fortress seven-member board of directors.Wes Edens has been the private equity investment officer and president, principal and co-chairman since 2009, and has been co-CEO since 2017 December.
Previously he was CEO of Eurocastle Investment (2002-2006), Capstead Mortgage Group (2000-2003), Impac Commercial Holdings (1999-2000) and president of Global Signal Inc. He holds numerous chairman posts from different firms in his career, which has helped him build an extensive and resourceful experience and knowledge. Among them Drive Shack Inc. , Mapeley Limited, chairman of boards of New Media Investment Group Inc., Florida East Coast Holdings corp., and Springfield Finance corporation.Edens and his partners’ business was characterized by creative thinking as they sought to create a business from investments. In 2007, Wes Edens made Fortress Investment Group, a public traded buyout firm successfully taking through its initial public offer (IPO). At this time, the firm had both publicly traded investment items as well as private equity that included private equity funds (14), hedge funds (4), and two real estate vehicle all of which made it public.
In 2017, Fortress created an eSports, professional video gaming team called FlyQuest that has a League of Legends team that competes in the North America League of Legends Championship Series (NA LCS). Wes Edens and Marc Lasry co-owns Wisconsin based National Basketball League Milwaukee Bucks a franchise they bought in 2014 for $550 million. He promised to keep the team found in Wisconsin and replace the BMO Harris Bradley Center by building a new arena.Wes Edens interests in sports have led to valid speculations that he is planning to purchase Cloud9 Challenger’s League Championship series spot. The spot will cost him $1.8 million with an additional $700,000 going to four team players buyouts.The contract will give Wes Edens contract rights to previous Cloud9 players top laner Van Le, AD carry Johnny Ru, support Daerek Hart and mid laner Lam.
Source of the article : http://www.industrialareasfoundation.org/topics/wes-edens
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