What is Wes Edens' Net Worth?
Wes Edens is a billionaire businessman and private equity investor who has a net worth of $3.6 billion. Wes Edens earned his fortune as the co-founder of Fortress Investment Group. He has also invested substantially in the world of sports, and is the co-owner of the NBA franchise the Milwaukee Bucks and the association football holding company V Sports, which owns the English Premier League team Aston Villa. Among his other business ventures, Edens founded New Fortress Energy and co-founded Cincoro Tequila.
Early Life and Education
Wes Edens was born on October 30, 1961 in Helena, Montana. As a teenager, he was involved in competitive skiing. For his higher education, Edens went to Oregon State University, from which he earned his BS in 1984.
Career Beginnings
Edens started his career at Lehman Brothers in 1987. There, he was a partner and managing director until 1993. After that, Edens joined the private equity division of the company BlackRock, where he stayed until 1997.
Fortress Investment Group
In 1998, Edens, Rob Kauffman, and Randal Nardone founded the investment management firm Fortress Investment Group in New York City. The firm quickly expanded into hedge funds, debt securities, and real estate investments. Fortress went public on the NYSE in early 2007, in the process becoming the first large private equity firm in the country to be traded publicly. By that year, the firm's assets under management included 14 private equity funds, four hedge funds, and two real estate vehicles. Among the companies acquired by Fortress-managed funds were the ski resort operator Intrawest; the holding companies RailAmerica and Florida East Coast Industries; and the subprime lenders Nationstar Mortgage and Springleaf Financial. In 2014, Fortress was the winning bidder for the assets of the Montreal, Maine and Atlantic Railway, which had gone bankrupt the previous year after the Lac-Mégantic rail disaster in Quebec, Canada.
(Photo by Scott Olson/Getty Images)
New Fortress Energy
In 2014, Edens founded New Fortress Energy, a global natural gas supply and infrastructure company. The company aims to become one of the leading producers of carbon-free energy in the world, and to exist as a net zero emissions company. In 2019, New Fortress built a nearly $1 billion floating LNG terminal in Jamaica's Old Harbour Bay to help make energy cheaper in the country. Since then, the company has been involved in various philanthropic projects in Jamaica. Through its renewable hydrogen division, Zero, New Fortress has partnered with startups to develop green hydrogen technology. In early 2021, the company acquired the natural gas company Hygo Energy Transition and Golar LNG Partners.
Cincoro Tequila
Along with Michael Jordan, Jeanie Buss, Wyc Grousbeck, and Emilia Fazzalari, Edens co-founded Cincoro Tequila in 2016. The brand produces four tequilas: a blanco, a reposado, and two different añejos. Using agave hand-selected from two regions in Jalisco, Cincoro ages its tequila in American whiskey barrels for 10 to 14 months on top of the regulatory minimum of 14 months. The company is owned by Cinco Spirits Group, named in honor of the five founders who aimed to create a tequila as smooth and rich as a fine whiskey or cognac.
Sports Ownership
Passionate about sports, Edens has invested substantially in the ownership of sports teams. In 2014, he and Marc Lasry purchased the NBA franchise the Milwaukee Bucks for $550 million, vowing to keep the team in Wisconsin and build a new arena. The arena, called the Fiserv Forum, opened in the summer of 2018. A few years later, Edens saw the Bucks win the 2021 NBA championship. In other sports ventures, Edens co-owns the association football holding company V Sports with fellow billionaire Nassef Sawiris. Through V Sports, the pair owns the English Premier League team Aston Villa, and has a large stake in the Portuguese Primeira Liga team Vitória S.C.
Edens has also been involved in the world of esports. In 2016, he acquired the professional "League of Legends" team FlyQuest from the esports company Cloud9. The following year, the team started competing in the North American League Championship Series. FlyQuest players included Hai Lam, Johnny Ru, and An Le. Through its jersey designs and ikebana displays at competitions, the FlyQuest brand emphasizes environmental awareness. Every time it wins a game, it plants 100 trees. In 2022, Edens sold the team to the Viola family, owners of the NHL franchise the Florida Panthers.
Personal Life
With his wife Lynn, Edens has four children. Their youngest, Mallory, appeared as the representative for the Milwaukee Bucks in the 2014 NBA draft lottery. Mallory Edens has been rumored to be romantically linked to Aaron Rodgers.
Edens is the builder and owner of Caldera House, an eight-room boutique hotel and private ski club located in Jackson Hole, Wyoming.
Real Estate
In October 2020 Wes Edens paid $20 million for an apartment in New York City. The 7,000 square-foot condo had at one point been listed for $50 million. The apartment has a private 2,000 square-foot rooftop terrace. From 1993 to 2017 he owned an apartment overlooking Central Park West. He sold this apartment to Bruce Willis in 2017 for $17 million.
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