Brightline Trains Florida, the Fortress Investment Group-backed passenger railroad, skipped its second interest payment on $1.2 billion of subordinate municipal bonds.

Fresh off a banner year of investments, the Geneva-born venture capital firm is now priming a new generation of leaders. 

The long-awaited return of IPO activity this year minted 21 new billionaires, but what came after many companies’ eye-popping debuts was often a different story.

Fortress Investment Group plans to sell two resorts on St. Thomas in the US Virgin Islands through a deal that will be financed by municipal bonds, and which will allow the territory to ultimately acquire the property.

Figma Inc.’s stock briefly fell below its initial public offering price for the first time, becoming just the latest of this year’s high-flying listings to retrace its eye-popping early gains.

Fortress Investment Group is looking to expand its European non-performing loan business in some of the region’s core economies, including Germany and France, where it sees some real estate borrowers coming under increasing strain.