In the year 2007, the Fortress Investment Group made its first appearance on the public markets in an IPO. At that time, Peter Briger was officially made a billionaire with his 66 million shares which were worth more than 2 billion dollars. Sadly for Briger, that status later went down. The fortress stocks by 2015 went down to 74 % since the IPO debut leaving Briger with around 44 million shares that are about 350 million dollars of worth. Despite this hit experienced in his net worth on paper, Peter Briger has remained to be a wise player in the shadowy world investing in the particular asset. The following are some of the top secret Briger has used in his world of investing.
Before joining Fortress in the year 2002, Briger had spent around 15 years with Goldman Sachs. The group that he had co-founded in 1997 is known for being secretive and also highly profitable. At his time in Goldman, Peter and his colleagues used to buy and sell car loans in Thailand, an alcoholic beverage company in South Korea, troubled mortgages in Japan and many more activities. In all the cases, they used to buy assets that had fallen out of favor. They would hold the assets until the markets stabilized and then sell them at a reasonable profit. The concept was to buy low and sell high.
After leaving Goldman, Peter Briger success did not stop at that. For instance, in the first quarter of 2015, Briger and his team at Fortress were able to raise more than four billion dollars for the Fortress Credit opportunities Fund IV. That represents more than 87 percent of the total funds that was built by Fortress in that same period. Even after the financial crisis that he experienced, Peter Briger was able to find gold and has called his business “a financial services garbage collection” in the institutional investor interview. The banks and governments are forced to sell nonperforming risky, illiquid assets, and Briger and fortress want to scoop them at a discount. The future is still bright for him, and he sees a lot of opportunities to make profits from distressed assets primarily in the financial sector.