Fortress Investment Group was founded in New York City in 1998. It started out as a private equity firm and over time diversified by investing in other alternative assets such as real estate firm and hedge funds. It now manages $43 billion in assets and has more than 900 employees. It is managed by three principals. Two of these principals are in New York which are Wes Edens and Randal Nardone. The third principle is Peter Briger and he is based in San Francisco.
One of Fortress Investment Group’s latest private equity investments is Brightline. The distance between Miami and Fort Lauderdale is 30 miles. During times of no traffic this trip can be completed in a half hour but during rush hours it can take an hour or more, or even a few hours if there is an accident or road work. Brightline began operating a train service between these two cities in January 2018 which takes 33 to 35 minutes to complete the trip. It is also priced affordably at just $10 for a one-way trip.
Fortress Investment Group has plans to build similar private trains systems in other parts of America where there are similar traffic problems. Some of the regions they are examining to see if this is feasible include Charlotte to Atlanta, St. Louis to Chicago, and Houston to Dallas. They are also looking to extend the South Florida operation to Orlando which is about 235 miles away. They say if the train goes 125 miles per hour on this trip it will take less than two hours.
This company also recently funded iPass to the tune of a $20 million loan. iPass offers consumers and businesses a global mobile connectivity solution. This is the biggest Wi-Fi network in the world which has over 64 million hotspots for people to access the internet through. The hotspots are located where people congregate such as restaurants, stadiums, hotels, convention centers, and airports. With the loan from Fortress Investment Group, iPass plans to have 340 million Wi-Fi hotspots by the end of 2018.
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