Alternative asset management company Fortress Investment Group started its life in 1998 as a private equity firm. They soon started diversifying the investments this company makes and it now invests in a number of different asset classes on a global basis. They have over $43 billion in assets that are invested in private equity, special situations, real estate, cryptocurrency, and hedge funds among others.
Fortress Investment Group has three principals who direct investments. These are Randal Nardone, Wes Edens, and Peter Briger. Randal Nardone and Wes Edens are two of the founders of this firm while Peter Briger joined this company in 2002. Rob Kauffman was the third founder of this company. He retired in 2012 so that he could become fully involved in the car racing industry.
They have a portfolio of companies that they manage. The latest company that Fortress Investment Group became the manager of is Brightline. This is a company that builds private train networks. Their first system is one that runs between Fort Lauderdale and Miami. The freeway traffic between these two cities is horrendous, especially when there is a car accident or road work in progress. On the Miami side, the trains start the day at 7:10 am and the last one for the day is at 11:10 pm. SoftBank to Buy Fortress Investment Group for $3.3 Billion . For Fort Lauderdale these times are 6:12 am and 9:42 pm respectively. Each one-way trip on this train system costs $10.
Fortress Investment Group also recently invested in a company that is building a global Wi-Fi network, iPass. Fortress gave this company $20 million in funding with half of that to be immediately available. iPass is using this money to grow their number of hotspots around the world from 64 million to 340 million. This expansion will be completed by the end of 2018.
iPass’ business model is to make Wi-Fi available to both individuals and businesses on an unlimited basis. They put their hotspots in public venues such as train stations, stadiums, restaurants, and hotels. Besides Fortress the other two financial backers of iPass are Microsoft and HP.