Peter Briger is listed by Forbes Magazine as one of the most influential business minds in the country. This is no mean achievement for a man who studied for his B.A at Princeton before embarking on his MBA at Wharton Business school. His quest for knowledge and good opportunity landed him at Goldman Sachs, where he worked for fifteen years holding various positions over the years. He was Co-Head of Fixed Income Principal Investments Group, Co-Head of Whole Loan Sales and Trading business, Co-Head of Asian Distressed Debt business and Co-Head of Asian Real Estate Private Equity business. This would also culminate in him been made Partner in 1996. While at Goldman Sachs, he was also an Advisor to International Finance Corporation on matters related to distressed debt.
This was in recognition to his deep understanding of debt and its various aspects. He would later on serve as Member of Advisory Board of Linktone Ltd. This have been some of the major milestones in the banking industry before he moved to Fortress Investment Group. Having been established in 1998 they were a relatively young group when Briger joined them, but they were already showing signs of breakout success in future. They were able to give returns of 39 percent on private equity while at the same time had managed to grow their assets from 400 million to 30 billion. By any metric this was bound to be a challenge for those that stepped up to help the group continue on this path. Peter Briger joined the management team and by 2006 he had been brought into the board.
This was in recognition to his immense contribution to the group. The IPO was launched the next year and Peter Briger was among those tasked with handling the same. The IPO launch was quite successful and made a number of billionaires on the way. Peter Briger would oversee the firm over the turbulent economic crisis as Co-Chairman. This was followed by a period of success with the fortress group receiving a number of them. This was followed by the election of Peter Briger to Co-CEO. In 2007 shareholders of Fortress approved an acquisition bid by Softbank for 3.3 billion. This served as a fresh injection of capital into the group. Softbank was, however eager to let the group remain as it was as it had already displayed an ability to do very well on its own.
Fortress Investment Group was founded as a private equity firm in 1998. The group’s initial public offering was in 2007 on the New York Stock Exchange, the first large scale private equity fund to go public on the NYSE. Years later, the investment group is a large diversified global management firm with a specific focus on long term risk-adjusted returns for investors. The groups 3 main principles are New York’s Randal Nardone and Wes Edens and San Francisco’s Peter Briger. The group has assets in real estate, financial vehicles, and capital that results in long term cash flow. The group has experience and has developed an expertise in managing as well as mergers and acquisitions. Fortress Investment Group saw huge growth in the first five years from $400 million to almost $4 billion.
The group continued to grow at a fairly fast pace and kept expanding its’ expertise and success into other financial areas. The group secured a former Goldman Sachs’ employee Michael Novogratz who came on board in 2002 and remained as a fund manager until his departure in 2015. In 2006 and 2007 the group made several large purchases that helped to grow the company significantly. One of these purchases included the biggest ski resort operators in North America. Continued growth occurred especially after the group began focusing on internationally focused funds to its’ growing portfolio. After acquiring multiple big name companies and adding one more headquarters in San Francisco and two headquarters in Asia, Fortress Investment Group was sold in 2017 to Softbank, a Japanese company, for a staggering $3.3 billion. The group was the first alternative-investment firm to go public and was also the first to be bought.
Wes Eden, a huge factor for the investment group is largely involved in a new high tech train running in Miami, Florida. Brightline, owned by Fortress Investment Group, is responsible for this new transportation option in Florida. The train is able to cut through the horrible Miami traffic at high speeds and offers riders nice amenities as they travel. The train seems to be a huge success for riders and is working as planned. Brightline’s success is expected to help raise real estate values in the areas that they are serving as well. Commuting is definitely a large contribution to stress and a huge time burden on people, particularly in large cities like Miami. Brightline and Fortress Investment Group seem to be on top of the game in many regards.