The Principal and Co-Chairman of the Board of Directors at Fortress Investment Group LLC, a global investment management firm leader, Peter Briger, manages more than $65 billion in assets serving both institutional and private investors. Mr. Briger, a Princeton University alumnus with an MBA from the University of Pennsylvania Wharton School of Business has guided Fortress Investment Group’s operation in various management role since 2002. In 2009 Peter Briger was elected as co-chairman of board.
An article from the Deal Street Asia website titled, SoftBank owned Fortress said to seek $2b for first Direct Lending Fund, written by Melissa Mittelman published on May 22, 2018. Under its new owner, SoftBank Group Corp., Fortress Investment Group LLC $2b direct lending is the first impetus move into Corporate Lending. Fortress was sold to SoftBank, a Japanese conglomerate, in 2017 for $3.3 billion. According to Forbes February 15, 20017 article, with this sale, Fortress executives will cash in $1.3 billion.
Mittelman’s article mentioned that the firm recently promoted Josh Pak and Drew McKnight to managing partners working closely with Peter Briger. Fortress Investment is following firms such as Ares Management LP, Tenenbaum Capital Partners LLC, HPS Investment Partners LLC and others with its recent $2b direct lending fund strategy. Sterner regulations from banks have created asset managers looking for alternative deployment of cash. Fortress’s direct lending will enhance the firm’s alternative cash deployment strategy within its Drawbridge Special Opportunities Fund, said Middelman. However, no decisions have been made on when its direct lending fund will go public.
Peter Briger apart from his professional activities, is one of three Princeton Alumnus in supporting Princeton University with its initiative to give support for startups. The Alumni Entrepreneurs Fund (AEF) is to encourage and empower a mindset of innovation, risk-taking, creativity, and to generate ideas aimed at Princeton students. To qualify for the disbursement of the funds, at least one startup member must be a Princeton alumna or alumnus who has recently graduated within the last five years along with other criteria’s.
Peter Briger is optimistic and said, “We’re at a special point and time in the world, in terms of businesses and business models being disrupted,” he said. “Princeton should be helping its students prepare for this new world. The fund is going to create real ties with people who we hope will become serial entrepreneurs and allow them to help others who would like to do the same.”
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