Fortress Investment Group
The Fortress Investment Group LLC is an American investment company ( legal form Limited Liability Company ), headquartered in New York City. Your business are private equity, real estate transactions and railway investments, which she joined in casinos and horse racing in 2007. The company was on 9 February 2007, the first at the New York Stock Exchange -traded hedge funds.
The Fund has approximately 400 employees worldwide and manages a venture capital of about 36 billion U.S. dollars (as of 31 March 2007). In 2005, he earned 192.7 million USD profit. Fortress is one of the large private equity firms worldwide and specializes in buy-outs of companies with value-driven assets.
History
Fortress Investment Group LLC was founded in 1998 as a private asset management of Wesley R. Edens, formerly BlackRock partner, and Robert Kauffman and Randal A. Nardone, both previously UBS manager. 2002 entered as a co Brig Peter and Michael Novogratz of Goldman Sachs. The business soon expanded into hedge funds, real estate transactions and debt hedging and increased between 1999 and 2006 its deposits by 39.7%.
End of September 2006, the Company held 17.5 billion USD in private equity, 9.4 billion in hedge funds and managed two publicly traded investment companies: Newcastle Investment Corp.. and € Castle Investment Ltd.. That same year, Fortress paid the presidential candidate of the Democrats in 2008 and Sen. John Edwards, who has invested himself 16 million, $ 479,512 for a part -time job.
Fortress has introduced a number of private deposits in publicly traded companies, as Gatehouse Media (newspapers ), Aircastle Ltd.. (Aircraft trading and rental ) and " Brookdale Senior Living Inc."
Florida East Coast Industries ( FeCl ), operator of the Florida East Coast Railway, was purchased in May 2007 for $ 3.5 billion. Together with Centerbridge Partners LP bought Fortress on 15 June 2007 to shareholders " Penn National Gaming " for USD 6.1 bn and took it 2.8 billion debt of the casino operator.
2007 Fortress acquired shares in the patent troll IPCom.
Fortress Germany
The German subsidiary is the Fortress Germany GmbH in Frankfurt am Main. According to its orientation Fortress has invested heavily in recent years in the German market for residential real estate, although Fortress is not a pure real estate investor. As with other financial investors, buying take place in accordance with the business idea with relatively little equity commitment. The real estate subsidiaries have to pay for the debts and distribute special dividends, then they are rebuilt and resold.
In September 2004, acquired Fortress GAGFAH (including with 81,000 dwellings) by the then Federal Insurance Institute for Salaried Employees ( BFA ) for about 3.5 billion euros. Then rents have been increased by 20 % maximum in Stuttgart.
In July 2005, Fortress bought the NILEG real estate holding company (consisting of housing Lower Saxony, WG North and the Osnabrück housing company ) with 28,500 rental properties in its own portfolio of NORD / LB for 1.5 billion euros. In March 2006, Fortress acquired WOBA Dresden ( 47,000 apartments, one in five Dresdner lives in an apartment WOBA ) of the city of Dresden for 1.75 billion euros.
Although this involved large transactions each consisting of several thousand residential units, Fortress buys smaller portfolios and integrates these into the existing housing stock. Fortress 2006 brought GAGFAH as a holding company of the acquired portfolio companies to go public. As part of the preparations for the IPO, while synergies between the portfolio companies were to be realized, however, layoffs were taking place not.