Fortress Investment Group traded public on the markets in an IPO in February 2007. It was this event that confirmed that Peter Briger was a billionaire. During this time, Peter’s 66 million shares were worth more than $2 billion. However, the high mark score for Peter did not last long before receding. Presently, the stock of Fortress investment has gone down 74% since IPO thus, Briger own just 44 million shares that are worth $350 million.
Notwithstanding the enormous hit on his net worth on paper, Pater is still an elite player in the professional field of special asset investing. Briger came to Fortress Investment Group in 2002 after working with Goldman Sachs for 15 years. He came to Fortress to head the debt securities and real estate business divisions as the company was looking forward to diversifying away from its main private equity business. Currently, Peter Briger is a principal as well as a Co-Chairman of the board of directors at Fortress. Briger has developed his property on his acumen for trading assets that people don’t want. His expertise though is in distressed debt.
The expertise was fully reflected when Peter helped to establish the Special Situation Group of Goldman Sachs in 1997. The group that is well known for its secretiveness, yet greatly lucrative is credited for being the primary driver of generating revenue for Goldman for the past decade. Since he left Goldman, the success of Peter Briger has remained steadfast. Briger and his team have managed to successfully raise $4.7 billion for Fortress Credit Opportunities Fund 5 during the first quarter of his year. This contributed 87% to the total revenue that the company increased during this quarter. Fortress Investment group also has the liquid market and private equity divisions. Besides, Peter Briger sees sufficient opportunities for earning a profit from distressed assets amidst the current financial crisis that has hit the markets for the last seven years.
Peter Briger holds an MBA from University of Pennsylvania’s Wharton School of Business and a B.A from Princeton University. He presently serves on the board of the Central Park Conservancy, Hospital for Special Surgery, Global Fund for Children, and the Princeton University Investment Company. He is also a Council on Foreign Relations’ member.