Fortress Investment Group, LLC is a leading global investment management firm based in New York City. The company went public on February 9, 2007. As of June 30, 2016, the firm managed approximately $70.2 billion alternative assets in private equity, liquid hedge funds and credit funds. In 2014, Fortress Investment Group was named "Hedge Fund Manager of the Year" by Institutional Investor and "Management Firm of the Year" by HFMWeek. Fortress has previously been recognized by Institutional Investor as “Discretionary Macro-Focused Hedge Fund of the Year” for 2012, and “Credit-Focused Fund of the Year” for both 2011 and 2010. Fortress Investment Group LLC was founded as a private equity firm in 1998 by Wesley R. Edens, a former partner at BlackRock Financial Management, Inc.; Rob Kauffman (businessman), a managing director of UBS; and Randal A. Nardone, also a managing director of UBS. Fortress quickly expanded into hedge funds, real estate-related investments and debt securities, run by Michael Novogratz and Pete Briger, both former partners at Goldman Sachs. Fortress Investment Groups investments grew rapidly, with its private equity funds netting 39.7% between 1999 and 2006.