Fortress Investment Group came into existence in 1998. This was at a time when the private sector was experiencing robust growth, and despite the dot-com bubble private equity funds were doing quite well. The group was established at the time as an asset management firm by three partners who shared a common vision. They wanted a firm that would focus on management before diversifying into other areas in the future based on growth opportunities as well as the financial success attained in asset management. Within five years Fortress investment group was experiencing so much growth that its need for expansion came earlier than expected.
The group had managed to grow to about 3.2 billion dollars and was considering adding credit-financed investments in their portfolio. This would enable the group to grow at a better rate as opposed to relying solely on private equity. They would introduce capital markets, investments followed by mergers and acquisitions into the fold. These introductions needed steady hands to steer them into profitability which lead to the hiring of Peter Briger. He already had the requisite experience, having worked in similar roles at Goldman Sachs and was destined to land in management soon enough. His roles would be accelerated sooner than he thought when he was tapped to join the board in 2006 a year short of the groups IPO.
This gave him an opportunity to work with his former employer, Goldman Sachs who was in charge of underwriting this IPO. Once Fortress investment Group listed on the New York Stock Exchange its value skyrocketed and at the time made it founders billionaires. This to them was a culmination of determination and sustained strategy to achieve financial success. The group was making headways and had grown leaving its main headquarters at New York while it had another in San Francisco. Peter Briger would head the San Francisco office as Co-CEO while his partners and founders Wesley R. Edens and Randal A. Nardone ran the New York offices. Fortress Investment Group would get acquired by Softbank in 2018 after completion of a 3.3 billion offer for acquisition was approved by shareholders in 2017.