Fortress Investment Group’s top executives are taking advantage of strong returns for private-equity firms to cash in on some of their shares.
Four of the firm’s leaders, co-founder Wesley Eden and Randal Nardone and top executives Peter Briger and Michael Novogratz will sell about 10% of their Fortress shares in a public offering. The four are expected to collect about $215 million.
The sale is the first large one by Fortress insiders since the private-equity giant went public seven years ago. But it follows similar moves by top executives at Apollo Global Management and Carlyle Group.
Fortress is the only publicly-traded p.e. firm still trading below its initial public offering price. But its shares have soared nearly nine-fold over the past six years.