Peter Briger is one of the top alternative asset managers in the world. He is a product of Princeton University, graduating from that educational institution in 1986. He also attended the University of Pennsylvania, Wharton School of Business, in order to acquire his masters of business administration.
He began his career on Wall Street at Goldman Sachs. His skill at private and distressed credit, buying low and selling high, led to him earning the moniker “King of Debt”. He spent 15 years at Goldman Sachs before he was lured by the executives at Fortress Investment Group, LLC, to join their team as a principal and head of private credit in 2002. Today, Peter Briger is also the co-chairman of the board of directors.
Essentially, he creates wealth from buying assets nobody else wants to buy with his specialty being distressed debt. Examples of this when Peter Briger was at Goldman Sachs include buying underwater mortgages in Japan, a failing South Korean booze firm, and a troubled power plant in England. His strategy is to buy assets that other sources of capital are taking a pass on because of factors like political pressure and economic problems.
After purchasing this sort of distressed debt he holds onto it until the market has stabilized. At that point, the assets he bought have greatly increased in value and so he sells them to mainstream sources of capital and invests in new distressed debt. It sounds simple but it takes world-class investment prowess to actually pull off successfully. Most who try this type of investing fail miserably at it.
Peter Briger has been just as highly successful at Fortress Investment Group as he had been at Goldman Sachs. At one point one of the funds he was running, “Fortress Credit Opportunities Fund IV”, was bringing in 87 percent of the total new capital raised by his company for an entire quarter. He says that after the stock market crash of 2009 he has been uncovering huge opportunities in distressed debt, mainly because banks have been pressured by regulations to sell it off for pennies on the dollar.