Peter Briger: How He Transformed the Fortress Investment Group
The Fortress Investment Group is a private equity company founded in 1998. The founders of the company are Wesley Edens, Randal Nardone, and Rob Kauffman. The three have been serving a lot of business and financial firms when they had the idea of creating their firm that would oversee investments and asset management. The establishment of the Fortress Investment Group marked a new period in the world of investing, and it suddenly grew because of the services that they provided. The co-founders of the company became its principals, but one of them, Rob Kauffman, decided to leave for personal reasons. Without the third principal who would be looking after the company, Wesley Edens and Randal Nardone thought that the company would be harder to manage. They looked for possible replacements of Rob Kauffman and met Peter Briger in the process.
Peter Briger joined the company back in the year 2002. He came from various companies specializing in business and finance, and he claimed that he has 20 years of experience in managing investments and assets. After it was announced that he would be the third principal of the Fortress Investment Group, he immediately constructed plans that would benefit the company as a whole. His competence and visionary traits have also convinced Wesley Edens and Randal Nardone that he would be a great co-chairman for the company’s board of directors. Peter Briger brought drastic changes into the company, including the decision to open it for public trading that will take place at the New York Stock Exchange and more
His idea of trading the company publicly had to be reviewed by his colleagues, and based on the studies conducted by Peter Briger, it seems like the concept would work well. Convinced by his research, Wesley Edens and Randal Nardone agreed to the plan, and the three started to work with the New York Stock Exchange for the scheduled debut of the company. The Fortress Investment Group offered 8% of the company’s total value to be traded to the public, and more than $600 million worth of shares were sold. The decision became beneficial for the company because they now have more investors, and the assets being held by the company climbed up to $65 billion. The Fortress Investment Group has entered a new age in its history, and they are now focusing on how to reach greater heights now that the principals are working harder for the company’s success.