Fortress Investment Group

Office address: 1345 Avenue of the Americas 46th Floor New York, NY 10105
Website: www.fortress.com
Year established: 1998
Company type: investment management firm
Employees: 900+
Expertise: private equity, railroads, hedge funds, credit funds, traditional asset management, aviation, education, convenience, energy, financial services, healthcare, pharmaceutical, food and beverage, real estate, software, shipping, retail consumer, media and entertainment, telecom, legal
Parent company: Mubadala Investment Company
Key people: Drew McKnight (co-CEO), Joshua Pack (co-CEO), Jack Neumark (managing partner), Pete Briger Jr. (co-chair), Dean Dakolias (co-chair), Timothy Sloan (vice chair), Daniel Bass (CFO), Jason Meyer (COO)
Financing status: N/A

Fortress Investment Group, headquartered in New York, is a leading global investment manager with $49 billion in assets under management as of March 2024. The firm serves over 2,000 institutional clients and private investors worldwide, with more than 900 employees across 12 locations. Fortress focuses on delivering strong risk-adjusted returns through investment, origination, asset management, and servicing capabilities across various asset classes.

History of Fortress Investment Group

Fortress Investment Group was founded in 1998 by Rob Kauffman, Randal Nardone, and Wesley Edens to focus on long-term value through patient and disciplined investing. Initially established as a private equity firm, it quickly expanded into hedge funds, real estate, and debt securities. In 2007, Fortress became the first US private equity firm to go public on the New York Stock Exchange.

The company was acquired by SoftBank Group for $3.3 billion in 2017, returning to private ownership. In 2023, Fortress launched a second litigation financing fund, deploying $6 billion into legal funding strategies. In May 2024, Abu Dhabi-based Mubadala acquired the firm to strengthen its presence in the global credit markets.

Products and Services of Fortress Investment Group

Fortress Investment Group offers a diverse range of investment offerings, focusing on managing and growing assets for its clients. These include:

• corporate credit: focuses on senior loans, high-yield bonds, and distressed debt
• asset-backed finance: offers financing for infrastructure, transportation, and intellectual property assets
• real estate: invests in residential, commercial, and industrial properties worldwide
• private equity: targets control-oriented investments in cash flow-generating businesses
• insurance solutions: manages insurance liabilities while ensuring stability
• multi-manager: provides multi-strategy investment management across a broad set of asset classes

Fortress Investment Group has managed and grown assets for millions of workers, retirees, and their families. Backed by over 200 skilled investment professionals, the firm delivers superior risk-adjusted returns across diverse asset classes and geographies. Their proprietary network and experienced team drive every investment decision.

Culture at Fortress Investment Group

Fortress Investment Group promotes a collaborative, non-hierarchical work environment that encourages innovation and growth. Employees are given opportunities to expand their skills, develop new interests, and pursue fulfilling careers. The company values intellectual curiosity and teamwork, fostering continuous improvement across all levels of the organization and offering benefits that include:

• comprehensive health, dental, and vision insurance
• 401(k) savings options with employer contributions
• tuition reimbursement and student loan support
• PTO and wellness programs
• charitable donation matching for employee contributions

The organization believes that a diverse and inclusive workplace leads to better outcomes for all stakeholders. They value the unique perspectives gained from different backgrounds and experiences, which provide a competitive edge. By upholding an empowering and inclusive culture, Fortress ensures that all employees contribute to the company’s overall success:

• attracting top talent: focuses on hiring exceptional candidates, including those from traditionally underrepresented groups
• promoting inclusivity: fosters collaboration and idea-sharing from employees of all levels and backgrounds
• diversity and inclusion committee: develops policies and programs to support a more inclusive workplace
• empowering future leaders: partners with organizations like Leadership Enterprise for a Diverse America and Harlem Lacrosse to support workplace and leadership skills development

Fortress Investment Group has a strong history of philanthropic efforts, collaborating with charitable organizations to support communities. They encourage employees to participate in volunteer activities and contribute to nonprofits through an annual gift-matching program. Fortress also sponsors scholarships and fellowships, helping provide educational assistance to underserved individuals:

• military support: honors veterans through partnerships with the Navy SEAL Foundation and Wounded Warrior Project
• charitable partnerships: includes organizations like Toys for Tots and Family House
• matching gift program: supports employee donations to nonprofits such as the American Cancer Society

The company integrates environmental, social, and governance (ESG) factors into its investment decisions and operations, considering both risks and opportunities. They adapt to diverse investor needs, changing regulations, and market conditions to ensure sustainable growth. Their approach focuses on delivering attractive, risk-adjusted returns while addressing today's challenges and anticipating future ones.

About Fortress Investment Group Co-CEOs Drew McKnight and Joshua Pack and Key People

Drew McKnight is co-CEO and managing partner at the organization and a board member at MP Materials. Before joining Fortress in 2005, he held roles at Fir Tree Partners and Goldman Sachs. McKnight holds a BA in economics from the University of Virginia and leads the firm’s Diversity & Inclusion Committee while serving on multiple investment committees.

Joshua Pack serves as co-CEO and managing partner at Fortress Investment Group, as well as co-CIO of several Fortress-managed funds. Before joining in 2002, he was a VP at Wells Fargo and American Commercial Capital. Pack attended the USAFA, earned a BA in economics from California State University, and leads the ESG Committee while serving on multiple investment committees.

Here are the key leaders at Fortress Investment Group and their roles within the company:

• Jack Neumark, co-head of specialty finance and managing partner, oversees investments in specialty finance and focuses on credit strategies within various sectors
• Pete Briger Jr. is the co-chair, leading Fortress' credit and real estate business, with a focus on distressed debt and illiquid assets
• Dean Dakolias as co-chair manages Fortress' credit funds, specializing in distressed assets, corporate restructurings, and risk management
• Timothy Sloan, vice chair and head of commercial real estate debt, directs commercial real estate debt investments and lending strategies across multiple sectors
• Daniel Bass, serving as CFO, handles the firm's financial operations, including accounting, tax strategy, and capital management
• Jason Meyer, as COO, oversees operational processes and ensures corporate governance and operational efficiency across the company

The Future at Fortress Investment Group

Fortress Investment Group recently completed two major refinancings of industrial outdoor storage (IOS) assets, totaling $708 million. This transaction highlights the growing recognition of IOS properties as institutional-grade assets, further strengthening Fortress’ position in the real estate market. Fortress continues to strategically expand its portfolio across the US and Europe with a focus on key logistics hubs and proximity to transportation nodes.

In October 2024, Fortress Investment Group led a $500 million purchase facility to support the growth of Best Egg, a leading fintech company specializing in personal loans. This partnership allows Best Egg to offer more flexible loan options and help borrowers manage debt or fund life events. The collaboration highlights Fortress’ commitment to backing successful fintech companies and expanding access to credit for American borrowers.