People don’t become billionaires due to one simple investment, do they? Billionaire Wes Edens is in the Top 1000, according to the Forbes Billionaire List. How did Fortress Investment Group Chairman Wes Edens earn his billions?
Fortress Investment Group Success
Hedge funds were just emerging when the Fortress Investment Group went public in 2007. This was right before the Sub-Prime Mortgage Crisis, so money was flowing freely. It was the perfect storm.One of the key advantages of hedge funds is that their managers have the expertise to invest in cutting-edge technologies. They also perform a number of hybrid features, such as spinning, combining and taking certain companies public. Performing many investment bank functions, Fortress has helped keep the capital flowing. Fortress Investment Group Chairman and Co-Founder Wes Edens earned the first big slice of his billions with this IPO. He had paid his dues and learned finance at Black Rock Financial and Lehman Brothers.
Milwaukee Bucks Basketball Ownership
In 2014, Wes Edens paid big bucks for partial ownership of the Milwaukee Bucks. The NBA is a hot sporting brand. Its fast-paced style is particularly appealing to young people. Forbes calculated that revenue from each fan was $35 and gate receipts were $28 million. The Bucks have gone out and brought in great talent, like NBA All-Star Giannis Antetokounmpo. They have also updated facilities by spending $524 million on the downtown arena.The City of Milwaukee has been very happy to have a new owner. New billionaire owners have the deep pockets to make the investments to keep the brand uppermost in people’s minds. Sports franchises work closely with their hometown cities to make the enterprise profitable to all parties.
Fly on the Wall of League of Legends
And, the future of sports is in the electronics sector. Another cutting-edge investment was when billionaire Wes Edens bought the League of Legends Flyquest for $2.5 million. He understands the potential for eSports. He has even placed his son, Ryan as a manager over this team.Just like with so many other profitable ventures, Wes Edens invested in the new asset to upgrade its features. When Mr. Edens knocks, people listen. They know that he is a good source for the capital needed to stay in business.Through wise investments in finance and sports, Fortress Chairman Wes Edens made his billions. His investments are primed for continued success.