Fortress Investment Group was the first sizable private equity firm to list on the New York Stock Exchange, and its prosperity has brought it international popularity. Renowned business leader and President of Fortress, Peter Briger, is considered a key contributor to this success. He has also been listed in top 400 business professionals worldwide by Forbes.
Peter Briger acquired his bachelor’s degree from Princeton and a master of business administration from the University of Pennsylvania Wharton School of Business. He then began his career at Goldman Sachs working various management, operational and leadership roles. Briger gained immense experience at the investment banking company and developed skills in distress debt, real estate, foreign investments, loans, and trading. In his 15 years there, he attended the Global Control & Compliance, the Asian Management Committee and the Japan Executive committee which shaped him into a professional leader. His commitment to the company then saw him become a partner where he served till in 2002 when he left to join Fortress as co-CEO.
About Fortress Investment Group
Fortress Investment Group is a universal investment management firm that handles over $43 billion of assets for more than 1750 financiers in hedge funds and private equity. It was founded in 1998 and has its headquarters in New York. It specializes in: operations management, asset-based investing, capital markets, corporate mergers and acquisitions, and sector-specific knowledge of companies and institutions.
Peter Briger at Fortress Investment
Peter Briger joined Fortress as a member of the Management Committee in 2002. He leveled up from that position to launch and oversee the Fortress Credit branch which has about 300 employees. Apart from that, he has also served several roles at Fortress Investment Group. He is not only the President but the Principal and Head of Credit and Real Estate Business. Since 2009, Briger has been the co-chairman of the board, and before that, he was serving as Director from 2006. He is based in San Francisco.
Aside from work, Peter Briger is a frequent donor of several charity institutions in the US. He also supports a global fund for children known as Silicon Valley Council. Briger also serves on a nonpartisan organization, Council on Foreign Relations and is a board member for an organization that aids low-income families in San Francisco known as Tipping Point. He has also spent about $600 million in support of the Central Park Conservancy.
Since 1998 when the company was formed, Fortress Investment Group has continued to be the trendsetter in the investment management industry. Its founders intended to create a special kind of investment firm that would help in consolidating funds from private equity and reinvest it in cutting-edge vehicles. The firm was established as a private equity firm by its three founders; Rob Kauffman, Wesley R. Edens, and Randal Nardone; and the headquarters located in New York.Soon after its establishment, Fortress Investment Group experienced a very sharp growth in the private equity; growing at a rate of 39.7% within the first five years. By 2007, Fortress had already grown into a big firm that managed alternative assets for its clients. Its managed assets had increased to a whopping $33.6 billion, from a meager $400 million.
On 9th February 2007, Fortress Investment Group announced an IPO. This historical move made highlights internationally as Fortress was the first large company of its type to go public. The event was not taken lightly by the industry and what followed was other investment management firms of its type followed suit. Some of the firms that imitated the move were Blackstone Group (which went public four months later), KKR & Co., Ares Management, Oaktree Capital Group, Apollo Global Management, and the Carlyle Group; which went public within the year that followed. One stronghold of Fortress Investment Group that has made the company remain outstanding in the investment industry is special expertise in managing mergers and acquisitions.
Fortress’ personnel have developed strong professional relationships with senior management and key stakeholders of other corporations and organizations, an aspect that has always made it easy for Fortress to combine efforts with other organizations through mergers and partnerships.For instance, between the years 2006 and 2007, Fortress Investment Group acquired Intrawest, a Canadian company that operated the largest ski resort in North America. During the same period, Fortress purchased other organizations such as RailAmerica, Florida East Coast Industries, and Penn National Gaming. Other firms that Fortress purchased or entered into partnerships with were AIG’s American General Financial Services (which later changed to Springleaf Financial Services), D.B. Zwirn & Co., Graticule Asset Management Asia, Mount Kellett and Logan Circle Partners.
Fortress, on behalf of its clients, manages a portfolio of more than $43 billion in assets under management (AUM). The clients constitute of both institutional clients and private investors from all over the world.