PETER BRIGER’S ROLE IN FORTRESS INVESTMENT GROUP

The Fortress Investment Group entails of investment management, and it was created in 1998 by Wesley R. Edens, Randal Nardone, and Rob Kauffman. It experienced continuous growth and eventually in 2007, it started trading publicly in the New York Stock exchange, becoming the first significant private organization to do so. It currently has assets worth $43 billion for nearly 2000 private investors, permanent capital vehicles, and hedge funds. Peter Briger who is an alumnus of University of Pennsylvania’s Wharton School of Business and Princeton University, joined the group in 2002. He came in alongside his former accomplice and former Goldman Sachs’ member, Michael Novogratz who worked there as a Fund Manager. He, however, left Fortress in 2015 to pursue other interests. It was from this group that he got most of his wealth from.

This happened after the company sold their shares to Soft Bank, a Japanese multinational, for $8.08 a share, all amounting to $3.3 billion. Peter Briger is the current President, Principal, and Head of Credit and Real Estate Business in the group. Peter started off as a director for the group back in 2006 and was later appointed as the Co-chairman of the board in 2009. He has also was at Goldman Sachs & Co. for 15 years which is what led to him joining the Fortress Investment Group. He is currently number 317 in the Forbes list which gauged his wealth at 1.5 billion dollars. Fortress Investment Group has experienced significant growth for the past two decades. Between 2006 and 2007, the group acquired the largest ski resort in North America, Intrawest, which is a Canadian Company. Other purchases it made were Penn National Gaming, RailAmerica, and Florida East Coast Industries.

Fortress Investment Group sought to create US’s first Bitcoin regulated exchange which Peter Briger was the one who headlined this project. Peter Briger explained that Bitcoin was a new way to make transactions online safely and securely which was also simple. He stated that Wells Fargo would be inclusive of the pursuit of the Bitcoin project since this new form of currency was capable of challenging the already existing payment methods. He said that both Wells Fargo and Fortress Investment had the capability of providing America with a regulated exchange for Bitcoin. This project didn’t stop Wall Street from going forward with their intentions of using Bitcoin as a mode of currency exchange.