Fortress investment group LLC (Popularly referred to as FIG) is an investment management firm that deals in the management of liquid hedge funds, credit funds, and alternative assets in private equity. The firm was founded in 1st January 1998 by Peter Briger, Wes Eden and Randal Nardone.
Its headquarters regions are located in New York United States. As of June 30, 2018, this highly diversified investment firm manages about $41.4 Billion worth of the asset. In 9th February 2007, it became the first largest private-equity investment firm to trade publicly in the New York stock exchange. It has been managing assets of over 1750 institutional clients and private investors across the globe in their various field of operation.
Softbank, a Japanese investment firm acquired fortress investment group for $ 3.3 billion In July 2017. There were two significant barriers that Softbank had to overcome before this acquisition. The agency in charge of foreign investment in the US agreed to sign this contract only if Soft bank decided to allow it to act independently.
This meant that its headquarters will still be in New York and a Soft bank will not interfere with the way it manages its client’s assets . A soft bank was also required to pay 39 % premium to the share price as well as other transaction before acquiring this group allowing the shareholders in it to receive $ 8.08 per share.
With this acquisition, the founders of Fortress decided to shift from being a public company to a private company becoming the first private equity firm to be delisted in the New York stock exchange. Moreover, this acquisition will enable it to gain a good grip on partners in the Asian Continent.
On July 17, 2018, Fortress Investment Group collaborated with I pass by investing $ 20M in the firm. Ipass is considered the largest Wi-Fi Network in the world.It can provide unlimited Wi-Fi for an infinite number of devices conveniently coupled with better roaming experience for its clients. Consequently, with hotspots areas anticipated to about 340 million worldwide by the end of 2018; Ipass using its cloud-based SaaS strategy is seeking ways to harness this opportunity competitively.
The hot spot areas such as airports, hotel, train station, restaurant, common areas among others require this type of Wi-Fi service for the sake of their customers and clients. Ipass ensures that individuals are productive no matter where they are across the globe through accessing these global hotspots making this investment not only a prudent one but also the preferred choice for Fortress Investment Group.