Fortress Investment Group Transfers Ownership Rights to Japanese Firm SoftBank
Billion dollar investment firm Fortress Investment Group transferred its ownership rights to SoftBank, an investing company in Japan, in 2017. Wes Edens and Randy Nardone started Fortress in 1998 as a private equity firm managing assets and acquiring majority control of struggling companies. According to Wall Street Journal, SoftBank acquired Fortress for $3.3 billion giving the owners control of management and operations. Edens and Pete Briger hold Co-Chief Executive Officer and Co-Chairman positions, and will keep their roles as executives. Briger heads the Credit & Real Estate Business Division and serves as the President. Visit wsj.com
Briger, Edens, and Nardone are the principles of Fortress Investment Group and manages hedge funds and investment funds for qualified investors. Edens heads PE and serves as the President of PE and PE CIO. They seek companies in communications, renewable electricity procedures, consumer finance, and real estate. One day after Wall Street Journal reported the sale, Fortress’s shares increased to nearly 30 percent. For 20 years, the firm continues to be a leader in the investment management industry for credit funds and managing traditional private equity portfolios.
Most assets managed by the Fortress Investment Group is in Logan Circle Partners, a fixed income investing unit in Philadelphia, Pennsylvania. The firm acquired the managing company in 2010 and manages over $33 billion in credit and real estate assets, and private equity funds. They manage $18 billion in credit and real estate, and $7 billion in equity funds for Logan. By the end of September 2017, the firm managed $6.8 billion earning millions of dollars in revenue fees yearly.
The Fortress Investment Group team brings experience in structured deals, compliance, trading, and asset management to SoftBank. By the end of February 2017, Fortress managed seven percent of funds from investors in Asia and three percent of funding from the Middle East. SoftBank has locations in San Francisco and plans to invest $50 billion in the United States creating 50,000 jobs. Masayoshi Son, the CEO of SoftBank said he is considering investing into start-ups in the country when he visited the Trump Tower to meet with President Donald Trump.