Peter Briger became a principal at Fortress Investment Group in 2002, four years after the hedge fund’s founding. Briger joined Fortress after a long and successful career with Goldman Sachs, where he led the firm’s vaunted Special Situations Group. The group has long held a reputation as one of the most profitable and mysterious trading desks on Wall Street. The Special Situations Group invests in anything and everything, enjoying full license to take risks, provided that the group maintains its profitability. Peter Briger joined Fortress to lead its real estate and debt securities groups, two of the most profitable business at Fortress. Today, as head of the credit business at Fortress, Briger oversees approximately 300 employees.
Fortress is the first private equity fund to be publicly listed on a U.S. stock exchange. Today, Fortress manages over $40 billion of client assets, and was recently acquired by Japan’s Softbank Corporation in a deal valued at $3.3 billion.
Peter Briger generated high returns in the aftermath of the financial crisis. His strategy consisted of investing in distressed financial assets, finding bastions of quality or opportunity in the securities of companies that are out of favor. After the financial crisis, tightened regulatory rules forced banks to sell certain assets below their fair market value, and Briger was waiting to purchase and profit from those securities.
Peter Briger spends much of his time assisting various worthwhile causes. Since he graduated with an undergraduate degree from Princeton University, Briger made a large donation to help establish a fund that assists Princeton graduates in getting started as entrepreneurs. The fund not only provides the Princeton students with capital, but it enables them to share their experiences with future entrepreneurs. The fund provides recent alumni with up to $100,000 in funding for their new ventures.
Peter Briger also sits on the board of Tipping Point Community, a non-profit that combats poverty in the San Francisco Bay Area. Tipping Point gives impoverished Bay Area residents both financial and other assistance, including medical and other practical help.