As part of the class of 1986, Peter Briger has always been a proud alumnus of Princeton University. He has worked in various capacities in both Goldman Sachs and the Fortress Investment Group where he is the current Co-CEO. Peter Briger has always had a keen interest in developing the entrepreneurial capacity of the students at the university. He was part of the early team that helped fund the Alumni Entrepreneurs Fund (AEF) which was a creation of the Princeton Entrepreneurship Advisory Committee (PEAC). These teams of experts had been brought together by a keen objective of establishing ways by which the would help realize the “Entrepreneurship the Princeton Way” dream. This was a bold move on Peter Brigers part as he was funding a dream, a concept that was only in paper but had not actually seen results.
This however is no coincidence as Peter Briger has always had a keen eye for opportunity and he understood that once the idea took off the pool of potential entrepreneurs from Princeton would triple. This belief was nurtured at Princeton and Goldman Sachs, where he spent his early years trying to make a career for himself. His fifteen years at Goldman Sachs had shown him the beauty of going in early on opportunities that one understood and so the potential in. This was one of the key reasons he made partner by 1996. His growth, however, did not stop there as he moved to Fortress investment Group In 2002. This would mark a turning point in his career as it was at this juncture that his true leadership capabilities came to light.
He had joined as part of management that was tasked with maintaining the growth that was being experienced at Fortress which had managed to grow its assets under management to three billion. By 2006 he was a member of the board and would be very instrumental in taking the group public. This would grant them an opportunity to attract more equity and grow their portfolio. This momentum would continue and soon they were managing over thirty billion worth of assets. Peter Briger had been very instrumental to this growth and it was only natural for him to climb to Co-CEO level in charge of San Francisco as part of the continued strategic growth. In 2017 however, Softbank Group became very keen on Fortress and offered to acquire them. This got regulatory approval and was completed in 2018.
Learn more about him : https://www.benzinga.com/topic/peter-briger
Peter Briger is one of the newest principals working with the Fortress Investment Group. He also serves as the company’s co-chairman of the board, and he joined the company back in the year 2002. Originally, the company should have been operated by Wesley Edens, Randal Nardone, and Rob Kauffman; however, Rob Kauffman left and established his career. It became an opportunity for Peter Briger to prove himself with the two remaining principals of the company, and he joined them to show how his skills in doing business could help the company succeed. His colleagues watched him as he tried to show them his approach, and it made the two other principals impressed.
Before he joined the Fortress Investment Group, Peter Briger has been working with other companies specializing in business and finance. He spent around two decades to learn new things in the industry, and he used it, later on, to help the Fortress Investment Group to become one of the leading private equity companies on the planet. As one of the principals of the company, he is also making sure that new ideas that would benefit the company would be proposed, and one of these plans that made a huge impact on the company is its introduction to the stock market. The Fortress Investment Group was opened for public trading in February 2007, and it debuted at the NYSE where thousands of investors waited to see how they could participate in creating a new history for the company. The debut was successful, as the company managed to sell over $600 million worth of assets to the public.
This is equivalent to more than 8% of the company, and the scheme continued up until today. Because of the hard work of Peter Briger into introducing the Fortress Investment Group to the world, they managed to create a network of investors that has been working with them ever since. As they recruit new investors, the Fortress Investment Group transformed, and it experienced tremendous growth. The company now has $65 billion worth of assets, and according to the company’s principals, this value would change in the years to come because of their partnerships with other companies. The Fortress Investment Group has even survived the recession in 2008 and 2009, and because of the competence of its leaders, the company was given various awards, and the principals were recognized because of their unique strategy facing one of the worst recessions in recent history.
How Peter Briger Financial Expertise has helped in His Leadership and Personal Roles
When the Fortress Capital Investment Company hired the veteran financial expert Peter Briger, he was expected to oversee the company’s operation to retain its rankings in investment services. That was in 2002 after a previous tenure at Goldman Sachs that lasted one and a half decade. At Fortress Capital, he is currently serving as the company’s Co-chair and Principal. He rose to these positions after serving in Fortress Capital team leading the debt security businesses and real estate.Peter Briger has had a successful career at Fortress Capital Investment. Prior to joining Fortress Capital Investment in 2002, Briger had an amazing spell at Goldman Sachs. It is in this company that Briger built and displayed his expertise in financial matters. At Goldman, he helped found the Special Situation Group. Founded in 1997, the group was responsible for the increased profit base of Goldman.
In fact, he would leave the company citing $70 million to be so low for his check, relative to the profits he influenced. So what is Peter’s role at the growth of Fortress Capital? As the company’s Principal, the top 400 Forbe’s Billionaire List Peter Briger has helped steer Fortress Capital into an assets base of at least $65 billion. He has also diverted the company’s primary investment focus from Real Estate to additional areas like Hedge Funds and Debt Securities.Various Fortress employees have made positive reviews of the company. One former employee working as a marketing assistant describes an amazing environment at Fortress for growing experience. Particularly, he was thrilled by the hedge funds. A current employee state that the company is fast-paced, with great turnover and dynamism.
Besides, their compensational plans for the work done is far better compared to other companies. Indeed, Peter’s successes in businesses emerge from his business studies. He studied at the Wharton School of Business, Pennsylvania. Besides, he has an MBA from the Princeton University. Peter Briger is not only involved in businesses, he engages in philanthropic activities. Briger is an active member of several philanthropic bodies that help promote lives of other people. He recently raised $600 for NY Central Park to help conserve and manage it. As an alumni of Princeton University, Briger contribute in a new fund aid for the university. The fund aid focuses on tapping student’s entrepreneurial skills, and award a maximum of $100,000. Certainly, Briger has an interest in other financial areas. He is in support of cryptocurrency use, especially bitcoins.
Randal Nardone began his professional career at a New York City law firm called Thacher Proffitt & Wood. He made partner at this law firm and was on its executive committee for a number of years. He decided to move into the financial industry and joined BlackRock Financial Management, Inc. as a partner. He then worked as the managing director of UBS AG where he stayed for a year between 1997 and 1998. He earned two bachelor’s degree at the University of Connecticut and earned his law degree at the Boston University School of Law.
In 1998 he co-founded Fortress Investment Group, LLC. He serves this company in a number of executive roles including chief executive officer, principal, and director. His company invests in alternative assets and under his leadership Fortress Investment Group has become one of the biggest companies of its kind in the world. One of Randal Nardone’s specialties is investing in companies which are in a distressed state. Over the years he has been instrumental in his company buying a number of companies. Among these are Rail America Inc., Florida East Coast Industries, and Penn National Gaming, among others. After turning companies around his company has brought some of the companies public again like RailAmerica, Aircastle Ltd., and Brookdale Senior Living Inc.
In addition to his role at Fortress Investment Group, Randal Nardone also has C-level positions with a number of other companies. Among these are Springleaf Finance, Inc., Springleaf Finance Corporation, Alea Group Holdings Ltd., and Eurocastle Investment Limited, all of which he serves as a director of. Another company Randal Nordone co-founded was FIG LLC, where he is a principal, as well at Fortress Advisors LLC where he is the CEO. Additionally, he is the chief operating officer at Impac Commercial Holdings, Inc., and he serves Newcastle Investments Holding Corporation as a vice president and a secretary.Randal Nardone lives in the trendy Tribeca neighborhood of New York City. He bought his home in 2008 for $22 million. His home is what is called a “skyhome” because it is glass-walled. His home is a duplex with his unit on top. It is about 5,800 square feet with a 2,400 square foot outdoor terrace. It’s a five-bedroom home which has luxury features throughout it.
Source of the article : http://www.businessinsider.com/meet-fortress-investment-groups-interim-ceo-2011-12