Peter Briger Jr. Helps Fortress Investment Group Find Treasure In The Trash Of Others

Fortress Investment Group made its first appearance in public markets in 2007 as an IPO. The move resulted in Peter Briger Jr., who held 66 million shares in the company, to become an official member of the Billionaire list. Briger arrived to perform duties with Fortress after working with Goldman Sachs for fifteen years. He was hired at Fortress to take charge of the department that would deal with the acquisition of debt securities and real estate as the company sought to expand operations past its private equity business. At this time Briger is a principal figure as well as co-chairman of Fortress’ board of directors.

The source of Briger’s success has been an uncanny ability to discover assets that are unwanted by other investors. This trait in Briger became clearly beneficial to Goldman Sachs in 1997 when Briger founded the company’s Special Situations Group.One example of the impact Briger had at Goldman Sachs is when Mark McGoldrick, another co-founder of the Special Situations Group, walked away from a $70 million salary because he felt that it was not enough compensation for the revenue he and the department produced.Briger has maintained the same level of performance now that he is with Fortress.

In the first quarter of 2015, the team assembled by Briger raised $4.7 billion for a fund the company calls Fortress Credit Opportunities Fund IV. The funds raised by Briger’s team represented nearly 90% of new funds created by the company for the quarter.Briger has struck gold more than once in the recent aftermath of the financial and once characterized his efforts as “financial services garbage collection” while doing an interview. Briger and Fortress have been able to purchase been able to purchase risky assets from banks and other entities at huge discounts.Briger has also been active in his philanthropic pursuits and has invested a total of $600 toward efforts to the conservation of New York City’s Central Park. Briger has also identified issues such as quality education, support for at-risk children, and working to end poverty as issues that mean a lot to him.

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