Fortress Investment Group made a debut in the public stock market in February 2007. This was after making an initial public offer (IPO) which was meant to make the firm a publicly traded company. The IPO made Peter Briger Jr. a billionaire. At the time when the IPO took place, Briger had 66 million shares at Fortune Investment Group which had a combined worth of $2 billion. Unfortunately, the business bliss for Peter Briger came to a screeching halt. By the end of the 2017 financial year, Fortune Investment Group stock had plummeted to 74% of their initial value. By the end of March 2018, Peter Briger only had 44 million of the total shares in Fortune Investment Group. The 44 million shares that are currently on Briger’s name are about $350 in value. Despite the significant hit on Briger’s net worth on Forbes Magazine, he still maintains his status as an investor in the shadowy world of special interest assets.
Peter Briger Jr. became a member of Fortress Investment Group in 2002. This was after he left Goldman Sachs after serving there for a cool 15 years. At Fortress Investment Group, he became the leader of the debt securities and real estate departments. This was at a crucial time when the company was diversifying away from their primary business of private equity. Today, Peter Briger serves as a co-chairperson to the company’s board of directors and the company’s principle. Briger has acquired his wealth by having a specialty and expertise in trading assets that are not popular with many investors. He has specialized in the purchase and sale of distressed debt. Briger’s knowledge was put on full display for the world to see when he became one of the founding members of a Special Situations group at Goldman Sachs back in 1997.
The group is famous for its trades that are incredibly secretive and highly profitable. The Special Situations Group has also been credited as one of the biggest revenue generators in the company. When Peter Briger used to work for Goldman Sachs, he together with one of the co-founders and other colleagues purchased and then sold a British power plant, a commercial aircraft, a beverage company based in Seoul, troubled mortgage firms based in Tokyo and car loans in Laos and Thailand. The group of businessmen had a common objective of purchasing assets that were no longer attractive to the mainstream capital sources. Political pressures or economic problems were the main cause of such scenarios.