In 2018, the Fortress Investment Group will turn 20 years old, and as a part of their celebrations, the company would go back in time to commemorate the important milestones that they achieved. The private equity firm traces their origin in 1998 after three individuals began to discuss an idea of creating the company. Wes Edens, Randal Nardone, and Rob Kauffman had experiences with the financial industry, and they wanted to build a business that would focus on financial management. They have been working for the BlackRock Financial Management Firm, and they witnessed how the company they are working for started to proliferate because of the demand for this type of companies.
When everything is set into place, the three founders of the Fortress Investment Group started to look for a headquarters where they would set up their office. They chose New York City as their primary headquarters because of the huge number of companies that also holds their main offices in the city. They started to look for potential clients and began to manage millions of dollars in assets. Because of their world-class service and amazing performance in managing their clients’ assets, they started to gain more clients who wanted their assistance. From managing millions worth of assets, they are now managing billions. To earn more profit, the founders of the company thought about introducing the Fortress Investment Group at the New York Stock Exchange, and sell some of their shares to the public.
The private equity firm sold around 8% of the company to the public as shares, and this is equivalent to more than $600 million. The following year, the United States fell into an economic breakdown, and it experienced a massive recession. The Fortress Investment Group was one of those companies who managed to survive the effects of the recession, and it made their clients happy as they experience growth during the troubling years of economic meltdown. The company received a series of recognition the years after the recession because of their impressive performance. Today, the Fortress Investment Group is under the ownership of the Softbank Group, and the company purchased them for $3.3 billion.