Overview

Fortress Investment Group LLC is a leading, highly diversified global investment manager with approximately $42.1 billion(1,2) of assets under management as of September 30, 2018. Founded in 1998, Fortress manages assets on behalf of over 1,750 institutional clients and private investors worldwide across a range of credit and real estate, private equity and permanent capital investment strategies.

Investment performance is our cornerstone - we strive to generate strong risk adjusted returns for our investors over the long term.

As of September 30, 2018, we had 919 asset management employees and 209 investment professionals, at our headquarters in New York and our affiliate offices around the globe.

Fortress's core competencies include:

Fortress businesses, across its private equity funds and credit funds specialize in asset-based investing, and bring to bear significant experience in investing broadly and deeply in a diverse set of asset types. Fortress's expertise extends to pricing, owning, financing and overseeing the management of physical and financial assets ranging from real estate and capital assets to financial assets secured by diversified long-term cash flows.

Fortress has deep knowledge of the industries in which it invests. In the course of executing investments and operating portfolio companies, Fortress has developed a team of investment professionals with significant sector-specific expertise and relationships with leading companies, institutions and individuals worldwide.

Fortress has refined a set of tools for assessing operational, structural and strategic challenges. These tools allow Fortress to engage in and extract value from complex investments.

Our experience in corporate mergers and acquisitions enables us to work with corporate boards of directors, management and various stakeholders in order to determine optimal structuring and execution of an investment.

Fortress has considerable capital markets expertise, and has expertise in securing low-cost, low-risk financing for its investments by accessing the debt and equity capital markets.

Assets Under Management:

Business Segments

Private Equity

Permanent Capital Vehicles

Credit Private Equity

Credit Hedge Funds1

Assets Under Management ($ in bn)

$3.0
$7.3
$18.4
$8.0

Strategy

General buyout and sector-specific funds focused on control-oriented investments in cash-flow generating assets and asset-based businesses in North America, the Caribbean and Western Europe

Publicly traded companies that invest in a wide variety of real estate related assets, transportation & infrastructure and media related assets

Distressed and undervalued assets (some with limited current cash flows and long investment horizons) and tangible & intangible assets (real estate, capital assets, natural resources and intellectual property)

Opportunistic lending situations & distressed assets (loans, assets and corporate securities)

Footnotes:
(1) Includes $0.9 billion of AUM related to co-managed funds as of 3Q 2018.
(2) Includes $5.4 billion of AUM related to an autonomous investment manager that is operated independently of Fortress but in which Fortress holds a minority interest.

History

Founded as a pure private equity firm in 1998, Fortress has transitioned into a highly diversified, global investment manager.

Q3 2018

Assets Under Management: $42.1B

2017

Highlights:
  • Launched Asset-Based Income Fund
  • Launched Intellectual Property Fund

2016

Highlights:
  • Appointed investment manager of the third party originated JP Funds

2015

Highlights:
  • Launched Fortress Credit Opportunities Fund IV
  • Launched Fortress Japan Opportunity Fund III
  • Fortress Asia Macro Funds transitioned to Graticule Asset Management Asia, L.P.
  • Launched Fortress Real Estate Opportunities Fund II
  • Fortress Transportation and Infrastructure Investors LLC’s Initial Public Offering on the NYSE
  • Agreed to co-manage Mount Kellett investment funds and related accounts

2014

Highlights:
  • Launched Liquid Markets Affiliated Manager Platform
  • Newcastle Investment Corp. completed spin-off of New Media Investment Group
  • Newcastle Investment Corp. completed spin-off of New Senior Investment Group
  • Launched Fortress Equity Partners

2013

Highlights:
  • Newcastle Investment Corp. completed spin-off of New Residential Investment Corp.
  • Launched Fortress MSR Opportunities Fund II
  • Launched Japan Income Fund
  • Launched Italian NPL Opportunities Fund

2012

Highlights:
  • Launched Fortress MSR Opportunities Fund
  • Launched Fortress Japan Opportunity Fund II

2011

Highlights:
  • Opened offices in San Francisco, Shanghai and Singapore
  • Launched the Fortress Asia Macro Fund, the Fortress Credit Opportunities Fund III, the Fortress Real Estate Opportunities Funds and the Worldwide Transportation & Infrastructure Fund

2010

Highlights:
  • Acquired Logan Circle Partners (closed in April 2010), entered the fixed income asset management business
  • Fortress received an investment grade rating of BBB from Fitch Ratings and BBB- from Standard and Poor’s, in each case with a stable outlook

2009

Highlights:
  • Launched the Fortress Japan Opportunity Fund, first Yen denominated fund
  • Engaged to manage funds and accounts previously managed by D.B. Zwirn & Co.

2008

Highlights:
  • Launched the Fortress Credit Opportunities Fund

2007

Highlights:
  • Added Nomura as a strategic partner
  • Fortress’s Initial Public Offering on the NYSE
  • Launched Fortress Investment Fund V

2006

Highlights:
  • Launched the Fortress Partners Fund
  • Launched Fortress Investment Fund IV

2005

Highlights:
  • Launched Long Dated Value Funds

2004

Highlights:
  • Eurocastle Investment Limited’s Initial Public Offering on the LSE (currently listed on the Euronext Amsterdam)
  • Launched Fortress Investment Fund III

2003

Highlights:
  • Formed Eurocastle Investment Limited

2002

Highlights:
  • Launched the Drawbridge Special Opportunities Fund and the Drawbridge Global Macro Fund
  • Newcastle Investment Corp.’s Initial Public Offering on the NYSE
  • Launched Fortress Investment Fund II

2001

2000

Highlights:
  • Launched Fortress Brookdale Investment Fund

1999

Highlights:
  • Launched Fortress Investment Fund I

1998

Highlights:
  • Founded Fortress Investment Group

Leadership

Fortress’s leadership is committed to maintaining strong corporate governance policies and practices. The Board of Directors has set forth policies and procedures as well as a framework for establishing the highest level of business integrity and accountability.

 

Principal and Co-Chief Executive Officer
San Francisco

Mr. Briger is Co-Chief Executive Officer of Fortress and has been a member of the board of directors of Fortress since November 2006. Mr. Briger has been a member of the Management Committee of Fortress since 2002. Mr. Briger is responsible for the Credit business at Fortress. 

Prior to joining Fortress in March 2002, Mr. Briger spent fifteen years at Goldman, Sachs & Co., where he became a partner in 1996.  Mr. Briger serves on the board of Tipping Point, a non-profit organization serving low income families in San Francisco.  Mr. Briger also serves on the board of Caliber Schools, a network of charter schools committed to preparing students for success in competitive four-year colleges and beyond.

Mr. Briger received a B.A. from Princeton University and an M.B.A. from the Wharton School of Business at the University of Pennsylvania.

Co-Founder, Principal and Co-Chief Executive Officer
New York

Mr. Edens is Co-Chief Executive Officer of Fortress and has been a member of the board of directors of Fortress since November 2006. Mr. Edens has been a member of the Management Committee of Fortress since 1998. Mr. Edens is responsible for the Company’s private equity and publicly traded alternative investment businesses.

Prior to co-founding Fortress in 1998, Mr. Edens was a partner and managing director of BlackRock Financial Management Inc., where he headed BlackRock Asset Investors, a private equity fund. In addition, Mr. Edens was formerly a partner and managing director of Lehman Brothers.

Mr. Edens received a B.S. in Finance from Oregon State University.

Co-Founder and Principal
New York

Mr. Nardone is a principal and has been a member of the Board of Directors of Fortress Investment Group LLC since November 2006. Mr. Nardone has been a member of the Management Committee of Fortress since 1998. He served as interim Chief Executive Officer from December 2011 to July 2013 and was appointed Chief Executive Officer in August 2013.

Prior to co-founding Fortress in 1998, Mr. Nardone was a managing director of UBS from May 1997 to May 1998. Before joining UBS in 1997, Mr. Nardone was a principal of BlackRock Financial Management, Inc. Prior to joining BlackRock, Mr. Nardone was a partner and a member of the executive committee at the law firm of Thacher Proffitt & Wood.

Mr. Nardone received a B.A. in English and Biology from the University of Connecticut and a J.D. from Boston University School of Law.

 

Managing Director
New York

Joseph P. Adams is a managing director within the Private Equity business at Fortress Investment Group LLC and serves as Chairman of SeaCube Container Leasing Ltd. Mr. Adams is also a member of the Management Committee of Fortress.

Prior to joining Fortress in April 2004, Mr. Adams was a partner at Brera Capital Partners and at Donaldson, Lufkin & Jenrette where he was the head of the transportation industry group. In 2002, Mr. Adams served as the first Executive Director of the United States Air Transportation Stabilization Board.

Mr. Adams received a B.S. in Engineering from the University of Cincinnati and an M.B.A. from Harvard Business School.

Chief Financial Officer
New York

Daniel N. Bass is the Chief Financial Officer of Fortress Investment Group LLC, and is also a member of the firm’s Management Committee.

Prior to joining Fortress in November 2003, Mr. Bass spent eleven years at Deutsche Bank. Over the course of his career at Deutsche Bank, he held the positions of managing director of DB Capital Partners and managing director, Global Business Area Controller of Deutsche Bank’s Corporate Investments Division. Prior to that, Mr. Bass was a senior associate in the International Tax Practice at Coopers & Lybrand. Mr. Bass also is a member of the Board of Trustees of the Florida State University Foundation.

Mr. Bass received both a B.S. and a Masters in Accounting from Florida State University.

Principal and Co-Chief Executive Officer
San Francisco

Mr. Briger is Co-Chief Executive Officer of Fortress and has been a member of the board of directors of Fortress since November 2006. Mr. Briger has been a member of the Management Committee of Fortress since 2002. Mr. Briger is responsible for the Credit business at Fortress. 

Prior to joining Fortress in March 2002, Mr. Briger spent fifteen years at Goldman, Sachs & Co., where he became a partner in 1996.  Mr. Briger serves on the board of Tipping Point, a non-profit organization serving low income families in San Francisco.  Mr. Briger also serves on the board of Caliber Schools, a network of charter schools committed to preparing students for success in competitive four-year colleges and beyond.

Mr. Briger received a B.A. from Princeton University and an M.B.A. from the Wharton School of Business at the University of Pennsylvania.

General Counsel
New York

David N. Brooks succeeded as the general counsel of Fortress Investment Group LLC in February 2007. Mr. Brooks is also a member of the firm’s Management Committee and serves as the general counsel of the Credit business as well as the firm.

Prior to joining Fortress in April 2004 as the Deputy General Counsel, Mr. Brooks spent nearly eight years at Cravath, Swaine & Moore LLP, where he specialized in mergers and acquisitions, capital markets transactions, including initial public offerings and high-yield debt issuances, and providing corporate governance advice to large public companies.

Mr. Brooks received a B.S. in Economics from Texas A&M University and a J.D. from the University of Texas School of Law.

Managing Director
New York

Leslee Cowen is a Managing director, serving on the investment committee for the Credit Funds and co-heads the Corporate Loan and Securities Group at Fortress Investment Group LLC. Ms. Cowen is also a member of the Management Committee of Fortress.

Prior to joining Fortress in June 2002, Ms. Cowen was at the Baupost Group, where she was involved in the acquisition of public and private distressed debt and equity securities, as well as non-performing loan portfolios. Prior to that, Ms. Cowen was an associate at the Argentum Group, a venture capital firm, where she was invested in several domestic roll-up transactions. Ms. Cowen began her career as an analyst at The Blackstone Group in the private equity and M&A groups.

Ms. Cowen received a B.S. degree from the Wharton School at the University of Pennsylvania with concentrations in finance, accounting and multinational management.

Co-Chief Investment Officer, Credit Funds
New York

Mr. Dakolias is the Co-Chief Investment Officer of the Fortress Credit Funds business. Mr. Dakolias also serves on Fortress’s Management and Operating Committees.

Prior to joining Fortress, Mr. Dakolias was a Managing Director, Chief Credit Officer and co-founder of American Commercial Capital LLC (a specialty finance company) and Coronado Advisors (an SEC registered broker dealer), both of which were sold to Wells Fargo & Co. in 2001. Mr. Dakolias was previously a director at RER Financial Group ("RER") where he was responsible for the firm's acquisition efforts as a principal and as a provider of third party due diligence and asset management.

Mr. Dakolias serves on the Board of Trustees for the American School of Classical Studies at Athens, as well as for the Cathedral of St. John the Divine. Mr. Dakolias is a member of the Executive Committee of The Hellenic Initiative and a member of the Council on Foreign Relations. Mr. Dakolias received a B.S. in Physics from Columbia University.

Co-Founder, Principal and Co-Chief Executive Officer
New York

Mr. Edens is Co-Chief Executive Officer of Fortress and has been a member of the board of directors of Fortress since November 2006. Mr. Edens has been a member of the Management Committee of Fortress since 1998. Mr. Edens is responsible for the Company’s private equity and publicly traded alternative investment businesses.

Prior to co-founding Fortress in 1998, Mr. Edens was a partner and managing director of BlackRock Financial Management Inc., where he headed BlackRock Asset Investors, a private equity fund. In addition, Mr. Edens was formerly a partner and managing director of Lehman Brothers.

Mr. Edens received a B.S. in Finance from Oregon State University.

President & Chief Operating Officer, Credit Funds
San Francisco

Marc K. Furstein is the President and Chief Operating Officer of the Credit Funds at Fortress Investment Group LLC and is also a member of the firm’s Management Committee.

Prior to joining Fortress in July 2001, Mr. Furstein co-founded and was the Chief Operating Officer of American Commercial Capital (a specialty finance company) and Coronado Advisors (an SEC registered broker dealer). Both companies were sold to Wells Fargo in 2001. Prior to that, Mr. Furstein was co-manager of the opportunistic real estate loan business of Goldman, Sachs & Co. In that position, he structured and negotiated senior and mezzanine commercial loans and acquisition facilities. Mr. Furstein was also involved in the acquisition of distressed business, consumer and real estate loans and had responsibility for the management of more than 60 portfolios of such assets. In this role, he designed and oversaw the implementation of financial reporting, tax, compliance and asset management systems, policies and procedures. Mr. Furstein started his career in Goldman’s Financial Institutions Group, where he focused on M&A transactions and corporate finance.

Mr. Furstein received a B.A. from Columbia University and an M.B.A. from the Wharton School at the University of Pennsylvania.

Managing Director and Tax Director
New York

Kenneth K. Gershenfeld is the tax director at Fortress Investment Group LLC and is also a member of the firm’s Management Committee.

Prior to joining Fortress in August 2006, Mr. Gershenfeld spent thirteen years at Goldman, Sachs & Co., where he became a managing director in the tax department. Prior to that, Mr. Gershenfeld was an associate in the tax department at Sullivan & Cromwell.

Mr. Gershenfeld received a B.S. in Economics from the Wharton School at the University of Pennsylvania and a J.D. from Boston University. 

Managing Director
New York

A. Todd Ladda is a managing director and Global Head of Credit for the Fortress Capital Formation Group, LLC, a member of FINRA, where he is responsible for capital raising and investor relationship management for the Credit Funds at Fortress Investment Group LLC.  Mr. Ladda is also a member of the Management Committee at Fortress. 

Prior to joining Fortress in July 2006, Mr. Ladda was a managing director at Trust Company of the West ("TCW") where he was responsible for the United States hedge fund joint venture between TCW and its parent company, Societe Generale Asset Management. He previously served as managing director and head of sales, marketing and distribution for Oppenheimer and Company's Alternative Investment Group. Mr. Ladda was also on the group's risk management and due diligence committees. Mr. Ladda is also a member of the Managed Funds Association (MFA) Investor Relations and Business Development Forum Steering Committee and also a founder of the Capital Raising and IR Forum.

Mr. Ladda received a B.A. from Princeton University in Political Science.

Managing Director
San Francisco

Andrew A. McKnight is a managing director, serving on the investment committee for the Credit Funds and co-heads the Corporate Loan and Securities Group at Fortress Investment Group LLC. Mr. McKnight is also a member of the Management Committee of Fortress.

Prior to joining Fortress in February 2005, Mr. McKnight was the trader for Fir Tree Partners where he was responsible for analyzing and trading high yield and convertible bonds, bank debt, derivatives and equities for the $2.3 billion value-based hedge fund. Prior to Fir Tree, Mr. McKnight worked on Goldman, Sachs & Co.’s distressed bank debt trading desk.

Mr. McKnight received a B.A. in Economics from the University of Virginia.

Co-Founder and Principal
New York

Mr. Nardone is a principal and has been a member of the Board of Directors of Fortress Investment Group LLC since November 2006. Mr. Nardone has been a member of the Management Committee of Fortress since 1998. He served as interim Chief Executive Officer from December 2011 to July 2013 and was appointed Chief Executive Officer in August 2013.

Prior to co-founding Fortress in 1998, Mr. Nardone was a managing director of UBS from May 1997 to May 1998. Before joining UBS in 1997, Mr. Nardone was a principal of BlackRock Financial Management, Inc. Prior to joining BlackRock, Mr. Nardone was a partner and a member of the executive committee at the law firm of Thacher Proffitt & Wood.

Mr. Nardone received a B.A. in English and Biology from the University of Connecticut and a J.D. from Boston University School of Law.

Managing Director
Los Angeles

Mr. Pack is a Managing Director, serving on the investment committee for the Credit Funds and co-heads the Direct Lending, Structured Equity and Net Lease Groups at Fortress. Mr. Pack is also a member of the Management Committee of Fortress.

Since joining Fortress in 2002, Mr. Pack has invested in more than $10 billion in corporate middle market debt and structured credit transactions with an emphasis towards media and entertainment, restaurants and retail and broadcasting and wireless spectrum. He has invested in a number of distressed situations in real estate and corporate debt as well as net lease real estate assets consisting of more than 2,000 individual properties. Prior to joining Fortress, Mr. Pack was a Vice President with Wells Fargo & Co. in the capital markets group where he managed a team of investment professionals originating and underwriting senior loan transactions. Before that, Mr. Pack was a Vice President with American Commercial Capital, an independent specialty finance company focused on corporate and real estate lending to middle market businesses.

Mr. Pack attended the United States Air Force Academy and received a B.A. in Economics from California State University, San Marcos.

Chief Investment Officer, Global Real Estate
San Francisco

Thomas W. Pulley joined Fortress in 2007 and is the Head of the Fortress Credit Real Estate business and is also a member of the firm’s Management Committee. Mr. Pulley is the Chief Investment Officer of the Fortress Real Estate Opportunities Funds which opportunistically invest primarily in the US and Europe.  In addition, as the CIO of Fortress Investment Group (Japan) GK, Mr. Pulley is responsible for the execution of the investment programs of the Fortress Japan Opportunities Funds and the Fortress Japan Income Fund.

Prior to joining Fortress, Mr. Pulley was head of the private equity division in Japan at Credit Suisse where he managed the successful Asian Investment program of DLJ Real Estate Capital Partners (RECP). Mr. Pulley was one of the designated key men for DLJ Real Estate Capital Partners III and was a member of its Investment Committee. Mr. Pulley has over 25 years of real estate investment experience, having started his career at Bankers Trust.

Mr. Pulley received a B.A. from University of California at Berkeley and an M.B.A. from the Wharton School at the University of Pennsylvania.

Managing Director
New York

Gordon E. Runté is a managing director at Fortress Investment Group LLC and head of public investor relations and corporate communications. Mr. Runté is a member of the firm’s Management Committee.

Prior to joining Fortress in June 2010, Mr. Runté served for seven years at Fannie Mae, most recently as Managing Director of Communications, Investor Relations. Prior to his tenure at Fannie Mae, Mr. Runté was Director of Corporate Communications at BlackRock, Inc. from January 2001 to June 2002, and prior to that, served as Director of Communications at PNC Financial Services, Inc. from June 1997 to January 2001, with responsibility for Executive, Shareholder and Strategic Communications.

Mr. Runté received an A.B. in English from Duke University.

Managing Director
New York

Peter M. Smith is a managing director in the Private Equity business at Fortress Investment Group LLC and is also a member of the firm’s Management Committee.

Mr. Smith joined Fortress in May 1998, prior to which he worked at UBS and, before that, at BlackRock Financial Management Inc. from 1996 to 1998. Mr. Smith worked at CRIIMI MAE Inc. from 1991 to 1996.

Mr. Smith received a B.B.A. in Finance from Radford University and a M.B.A. in Finance from George Washington University.