Fortress Investment Group related stories
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Dreier founder admits to scamming investment fundsMarc Dreier, the founder of New York law firm Dreier, has admitted to key aspects of a plan to sell $113m in fake promissory notes, according to the SEC. He was last week arrested for impersonating an Ontario Teachers' official in a reported attempt to defraud Fortress.
- Arrest unveils alleged fraud targeting Fortress
The founder of a notable New York law firm has been accused of impersonating an Ontario Teachers’ Pension Plan official, reportedly in an attempt to defraud Fortress Investment Group. Dreier had reportedly been in talks with a division of Fortress Investment Group about a $50m investment in an unnamed company.
- Blackstone shares hit all-time low
Shares in the publicly listed firm continued to drop amid dismal third quarter reports, but one analyst sees a bright future ahead for Blackstone. Fortress Investment Group shares reached their 52-week low at $2.
- Fortress’ private equity Q3 earnings drop 78%
The firm’s private equity funds grew AUM and management fee income, but booked pre-tax distributable earning of $18m, down from $82m in the same period last year.
- Fortress-backed Intrawest refinances $1.7bn in debt
The resort operator, which was reportedly in danger of filing for bankruptcy, has refinanced its loan on the day it came due.
- Report: Two Fortress-backed companies in trouble
The publicly listed private equity firm is trying to keep afloat two of its portfolio companies, Intrawest, a ski resort company, and Gagfah, a German real estate company, that are burdened by debt, according to the Financial Times. Gagfah said the report is not true.
- Guggenheim Aviation opens in Singapore
The US-based private equity firm has also hired Stephen Barnes, former treasurer for Singapore Airlines, as director of marketing in Asia.
- China to raise stake in Blackstone
The publicly listed private equity firm, battered by the public markets, has increased the stake the Chinese sovereign wealth fund can own in the firm from 9.99 percent to 12.5 percent.
- Fortress forgoes dividend to target financial services
Founder Wesley Edens has said the firm will not pay a third quarter dividend in order to retain capital for ‘tremendous opportunities’ in banks, insurance companies and other asset management businesses.
- Appealing to LPs
Fortress' and Blackstone’s second quarter earnings results offer a glimpse into how firms are responding to a slowing fundraising pace, writes Matt Levin.