Michael Novogratz

Michael Novogratz
Born	(1964-11-26) November 26, 1964 Alexandria, Virginia, U.S.
Occupation(s)	Financier, investor, CEO
Years active	1989–present
Known for	Co-founder and former president of Fortress Investment Group; founder and CEO of Galaxy Investment Partners

Michael Edward Novogratz (born November 26, 1964) is an American financier, known as the co-founder and former president of Fortress Investment Group, where he also held the position of Chief Investment Officer for the Fortress Macro Fund. Presently, he serves as the founder and CEO of Galaxy Investment Partners, which specializes in investments within the cryptocurrency sector.

Early life

Novogratz grew up in Alexandria, Virginia as the third child among seven siblings. His father, Robert, Sr., was a lineman for West Point football and received the 1958 Knute Rockne Award. He attended Fort Hunt High School, where he was runner-up in Virginia’s high school wrestling championships before becoming captain of the wrestling team at Princeton. He earned first team All-Ivy League distinctions in 1986 (150 lbs) and 1987 (158 lbs), qualifying for the NCAA wrestling championships in both years. Novogratz graduated from Princeton with an A.B. degree in economics.

Career

Following his service as a helicopter pilot with the New Jersey National Guard, Novogratz embarked on his professional journey at Goldman Sachs in 1989, starting as a short-term bond salesperson. Between 1992 and 1999, he lived in Asia, initially based in Tokyo before managing a trading desk in Hong Kong. In 1998, he was made partner at Goldman Sachs and held several senior roles including president of Goldman Sachs Latin America and head of fixed income, currencies, and commodities risk for Asia. Novogratz has cited his departure from Goldman, which occurred about a year after its IPO, as influenced by a lifestyle akin to "partying like a rockstar."

In March 2002, Novogratz joined forces with Wesley Edens, Robert Kauffman, Randal Nardone, and Peter Briger, Jr. at Fortress Investment Group. Together they took Fortress public on February 9, 2007, raising $600 million through an 8% equity offering. Prior to assuming the role of principal and director at Fortress Credit Corporation in 2006, he served as Co-Chief Information Officer for Fortress’s Macro Funds. While Fortress managed both hedge funds and private equity investments, Novogratz and Briger were primarily responsible for overseeing the hedge fund operations. Although the IPO stock debuted at $35 per share, by December 2008 it had plummeted to $1.87 following a suspension of withdrawals from Novogratz’s Drawbridge Global Macro fund. Fortress eventually suffered collapse after sustaining heavy losses from positions involving the Swiss franc and Brazilian market assets.

Cryptocurrency

As CEO of Galaxy Investment Partners, Novogratz leads a firm dedicated to cryptocurrency investments. He delayed the launch of the Galaxy Digital Assets Fund in December 2017 due to unfavorable conditions in the market at that time. Galaxy Digital Holdings Ltd. is among a select group of cryptocurrency firms required to disclose financial statements publicly. For the first three quarters of 2018, the company reported losses amounting to $136 million from its cryptocurrency trading activities. In 2017, Galaxy Digital took part in an $80 million financing round for technology firm Bitfury.

By the second quarter of 2022, losses had increased to $554 million following a prior year loss of $182 million. In 2017, Novogratz revealed that approximately one-fifth of his personal net worth was allocated to investments in Bitcoin and Ethereum, having earned $250 million from cryptocurrency ventures between 2016 and 2017. At a crypto conference held in 2022, he emphasized his personal dedication by showcasing tattoos representing Bitcoin and Luna. Shortly thereafter, UST—the algorithmic stablecoin associated with Terra Luna—collapsed almost entirely in value, shaking confidence across the market.

Other roles

In 2010, New York Governor David Paterson appointed Novogratz to the board of the Hudson River Park Trust. He is also a member of the Investment Advisory Committee on Financial Markets at the Federal Reserve Bank of New York. As the founder and chairman of Beat the Streets, he advocates for wrestling programs in New York City public schools. His board memberships extend to organizations such as the Acumen Fund, NYU Langone Medical Center, Princeton Varsity Club, Creative Alternatives of New York, PAX, The School for Strings—which he established—and The Jazz Foundation of America. Furthermore, Novogratz serves as honorary chairman of the USA Wrestling Foundation and leads The Friends of the Hudson River Park. He stepped down from his role at Fortress Investments in October 2015.

Personal life

Novogratz acquired Robert De Niro's Tribeca duplex for $12.25 million in 2006. After relocating there, his previous Meatpacking District apartment was rented by actor Mickey Rourke. Together with his wife, Dora "Sukey" Caceres, he has four children and owns a residence in Amagansett, near New York City.

He is a leading advocate for the U.S. National Wrestling Team and acts as an official spokesperson for USA Wrestling. In 2010, he received the USA Wrestling Man of the Year award and was honored as an Outstanding American by the National Wrestling Hall of Fame in 2007. Following wrestling’s exclusion from the 2020 Summer Olympics by the International Olympic Committee, Novogratz actively worked to restore its Olympic status.

Net worth

In September 2007, Forbes ranked Novogratz at number 317 on its list of the 400 richest Americans, estimating his net worth at $1.5 billion. By March 2008, Forbes placed him at #962 among global billionaires with $1.2 billion in assets. That same year, he became a member of Kappa Beta Phi, an exclusive Wall Street fraternity comprised of affluent financial leaders. Due to Fortress Investments’ stock decline, his wealth decreased to approximately $500 million by 2012. Politically, he supports Democratic causes and holds the position of Governing Board Chair for The Bail Project. As of 2021, Novogratz possessed $4.8 billion in cryptocurrency holdings. He also made a guest appearance as himself on an episode of Billions. Forbes reported his net worth had reached $5.5 billion by May 2025.

Family

His sister, Jacqueline Novogratz, serves as founder and CEO of the Acumen Fund. His brother Robert Novogratz is a designer who has appeared on Bravo’s 9 by Design. Another sibling, John Novogratz, is a senior managing partner at Millennium Partners.