Peter Briger got hitched with Fortress Investment Group in 2002, after a fruitful career of fifteen years at Goldman Sachs and Co. Since Fortress Investment Group had plans to expand from the private equity venture, Peter Briger is accountable in heading the debt securities and real estate businesses team of Fortress. Currently, he is the company’s principal and a Co-Chairman of the board.
The personal prosperity Peter Briger enjoys are the fruits of his labor and skill in trading assets that nobody is interested in – dealing in distressed debt is his specialty.
During his stint with Goldman Sachs and Co., Briger, Mark McGoldrick and others formed a group called Special Situations Group. The team’s business deals were quite private and guarded, for which they became famous for, since whatever ventures they had at that time were remarkably profitable as it became the major source of profits for Goldman Sachs ever since its inception in 1997 under the tutelage and tenure of Peter Briger and his group.
Peter Briger’s business ability was put in full display during his time with the Special Situations Group of Goldman Sachs. The group engaged in various deals such as procuring a power plant in Britain, acquiring a commercial aircraft, purchasing an alcohol beverage company in South Korea, funding troubled mortgages in Japan, buying and selling cars in Thailand, etc. The tactic was to get the asset that was no longer of interest to the owners because it is no longer a good source of income. And there are various reasons why such assets fall from favor, like because of economic and political issues among others.
What the group will do is that they will maintain the assets they have procured at a bargain price and wait for the right opportunity wherein the markets would become sound and stable; then they would sell the said assets at a higher price yielding a big gain in the process. Basically, it is procuring at a low price and selling at a higher one – while this scheme may sound simple, it takes a high class business sense to be able to pull it off since the transactions are puzzling and secretive at most. However, Peter Briger and his team were able to pull it off.
To prove that Goldman Sachs is really benefitting from the Special Situations Group, Mark McGoldrick another co-founder left Golden Sachs because he claims that the $70 million salary grade he is given annually is a small change to the income he brings in for Goldman.
Still after having profitable career at Goldman Sachs and joining Fortress Investment Group, Peter Briger is still successfully bringing in the big cash into Fortress when he and his team were able to amass $4.7 billion for the Fortress Opportunities Fund IV, which is literally 87% of profits gained by Fortress within the current quarter of the year.
At present, aside from his business at Fortress Investment Group, Peter Briger is a Board Member with the Central Park Conservancy, Global Fund for Children, Special Surgery Hospital, and the Investment Company of the Princeton University.
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