in Economics from the University of Virginia. Unfortunately for Mr. Briger, that high water mark soon receded. The cost of borrowing money was so insanely low that a hedge-fund manager could make a trade that would earn only a sliver of a return, and then juice that return by using a truckload of borrowed money. On October 24, more than 1,000 listeners crowded onto a conference call in which Citadel said that its two largest funds were down 35 percent due to the unprecedented de-leveraging that took place around the world, as C.F.O. The principals are committed to making Fortress a success, says Mudd: Pete, Wes and Mike all left successful firms. We havent tried to brush [the situation] under the rug, says Briger. You didnt have to do so for very longand, maybe, you didnt even have to do so very well. The Pete Briger I knew 20 years ago and the Pete Briger I know today are actually the same person, he says. He is among the world's top 400 billionaires with a net worth of 2.3 billion dollars qualifying him to be at position 962 in the world's billionaires list according to research done in 2008. And there you have the worlds biggest supply-demand imbalance thats ever existed in financial asset liquidations. He estimates that there have been approximately $3trillion in asset dispersions, or sales, since 2008. It gives this industry a black eye, and it will take a long period of time to work through., Another manager tells me a story about Morgan Stanleys annual hedge-fund conference at the Breakers, in Palm Beach, which was held the last week of January. He looked at me and said, You would not know how to run this business. And he convinced me that the way he did distressed investing was a lot more complicated.. Andrew McKnight joined Fortress in 2005 from New Yorkbased hedge fund firm Fir Tree Partners. One manager tells me that he has a debt security that he is valuing at 50 cents on the dollar. That means Briger probably owns the loans of some of the Occupy Wall Street protesters who are camped out a block away from his office. , This content is from:
The last three investments we made in Fund V are going to be some of the best investments we have ever made, he says, referring to the fund that Fortress launched in 2007. I said, I run a hedge fund, and they said, Whats that? This included people on Wall Street, says one manager, who started his now multi-billion-dollar fund over a decade ago. Fortress also wanted to bring Novogratz on board as a principal to build a macro hedge fund business. Edens has had an apartment on Manhattans Central Park West since his Lehman days, owns land in Montana, and bought an $18 million house on Marthas Vineyard from J. It was a painful process for Macklowe. But whereas Briger and Novogratz both bounced back with strong performance in 2009, the private equity business has only more recently seen its fortunes improve. Prior to that, Ms. Cowen was an associate at the Argentum Group, a venture capital firm, where she was invested in several domestic roll-up transactions. in Economics from Texas A&M University and a J.D. Although a brief collaboration with Flowers ended amicably, Briger later fell out with another former Goldman partner, Edward Mul, with whom he had successfully worked at that firm. The new dream job is a salary, health care, and Jamie Dinan buys you lunch every day., Five years ago, if youd gone to start a fund, people would have fought over you, says another manager. Fortress Investment Group Principal & Co-Chairman of the Board of Directors Board and Advisor Roles Number of Current Board & Advisor Roles 4 The first, Fortress Credit Opportunities I, has had annualized returns of 28.1 percent since its January 2008 inception. The setup was supposed to make so much sense that another industryfund of fundssprang up. Curtis Yarvin and the rising right are crafting a different strain of conservative politics. Fortress has been in existence only since 1998, but in that short time, the firm has inked some of the largest apartment deals the industry has ever seen. I think the world of him., Novogratz, known as Novo, is charming and charismatic. We dont think that no one has skill. Fortress founders Randal Nardone, Wesley Edens, and Robert Kauffman, who, along with the two other principals, became paper billionaires in the companys 2007 I.P.O. Mr. Briger has been a member of the Management Committee of Fortress since 2002. By 2006 you needed to make at least $50 million to make *Trader Monthly*s list of the top 100 traders, ranked by pay, on the Street. To revist this article, visit My Profile, then View saved stories. Over cocktails at the pool, there was chatter by those who had never run hedge funds of raising billions for their start-ups. Brigers group has been busy. Briger, who split his time between Tokyo and Hong Kong, immediately commandeered the large corner office that had just been assigned to Novogratz. The first quarter of 2009 is going to be another eyepopper for the industry., As another manager says to me dryly, The new $500 million is $50 million.. At Fortress, such fees for all of its businesses totaled over $1 billion in 2007, more than double than in 2005. In New York, the place to be was the Plaza Districtthe area stretching from Park Avenue to Sixth Avenue, just south of Central Park. Before that, Mr. . Pete offered to make sure I got the right doctor, says Wormser. He had previously worked on the distressed-bank-debt trading desk at Goldman. Prior to joining BlackRock, Mr. Nardone was a partner and a member of the executive committee at the law firm of Thacher Proffitt & Wood. Mr. Briger is responsible for the Credit and Real Estate business at Fortress . Fortress has considerable capital markets expertise, and has expertise in securing low-cost, low-risk financing for its investments by accessing the debt and equity capital markets. Prior to Fir Tree, Mr. McKnight worked at Goldman, Sachs & Co. in Leveraged Finance and the Distressed Bank Debt trading group. Prior to joining Fortress in 2002, Briger spent 15 years at Goldman Sachs, where he became a partner in 1996. Mr. Furstein started his career in Goldmans Financial Institutions Group, where he focused on M&A transactions and corporate finance. Mr. Edens received a B.S. He would not sell the loans, but he made it clear to Macklowe that he had to sell the GM Building in the worst economic environment anyone could remember. By February 2008, Macklowe needed to refinance the loan, but the credit market for commercial real estate had largely dried up. Pack was a Vice President with American Commercial Capital, an independent specialty finance company focused on corporate and real estate lending to middle market businesses that was subsequently acquired by Wells Fargo & Co. in 2001. Evan Margolin, a managing director at Studley, another real-estate firm, which helps tenants with their commercial-real-estate requirements, says that over the last four or five years rents increased between 50 and 100 percent or even more in the Plaza District, depending on the building. Between 1986 and 1995 nearly one quarter of the 3,234 S&Ls went bankrupt; a further 1,600 banks failed or received Federal Deposit Insurance Corp. assistance. It was a great time and place to be investing in distressed credit. Way worse., Whether theyre down 18 percent or more, many managers are subject to so-called high-water marks, according to which they agree to waive performance fees until they have made back investors money. Edens still oversees private equity, which represents $12.7billion of assets. Links: www.fortressinv.com 16,948 views 7.5 ( 12 votes) Categories Buildings > Homes - Celebrity - Business Comments Policies Its closer to the banking business than it is to the hedge fund business, except that were able to be a lot more opportunistic than banks. Briger and his team consider their direct competitors to be firms like middle-market lenders CIT Group and Ally Financial, which used to be GMAC, the former asset management and lending arm of car manufacturer General Motors Corp. Wesley Edens, Robert Kauffman and Randal Nardone founded Fortress in 1998 as a pure private equity firm. Leslee Cowen is a Managing director, serving on the investment committee for the Credit Funds and co-heads the Corporate Loan and Securities Group at Fortress Investment Group LLC. It was the hedge-fund community of New York, he recalls. From December 31, 2001, shortly before Briger and Novogratz joined Fortress, through the end of 2006, the firms assets grew from $1.2billion to $35.1billion, a 96.4 percent compounded annual growth rate. And then there was the September 2008 bankruptcy of Lehman Brothers. The IPO was swiftly followed by what Briger calls the worst financial crisis in history. But he saw the storm coming. Novogratzs macro fund lost 21.88 percent in 2008 and briefly put up gates, blocking investors from getting their money back, but it rebounded the next year, delivering a return of 24.18 percent, and was up 10.7 percent in 2010. We are a net beneficiary of current regulation, says Constantine (Dean) Dakolias, Brigers co-CIO in credit. He also owns two de Koonings that he bought from DreamWorks co-founder David Geffen for $63 million and $137.5 million, respectively, as well as works by Picasso, Warhol, Pollock, and Munch. Mr. Briger is responsible for the Credit and Real Estate business at Fortress. But Mul and Briger failed to agree on the economics of the business and parted ways. Fortress has deep knowledge of the industries in which it invests. When Briger graduated from Princeton, in 1986, problems in the U.S. savings and loan market were just coming to a head. The two have barely spoken since. While the $10.7 billion the five principals made with the I.P.O. Currently, the company has $47.8 billion worth of assets in its portfolio. Fortresss filings note that several of its funds have keyman provisions, meaning that if one or more of the principals ceased to be actively involved in the business, that could give investors the right to get their money outand, in the case of some of the hedge funds, might result in the acceleration of the debt. Flowers & Co. He is very talented, and he has an excellent long-term track record. Savings and loan associations, called thrift banks, had overexpanded. And the higher the floor the better. In addition to the purchase of the Ally mortgage business last year, Fortress bought CW Financial Services, the second-largest special servicer of commercial-mortgage-backed securities in the U.S. ), Furstein had decided not to go with Briger to Asia. Pack is also the Co-CIO of Credit & Lending Funds at Fortress. was only paper wealth, that didnt really matter, because theyd already made fortunes from the business before they sold it to the public. In February 2007 Fortress Investment Group (NYSE: FIG) debuted on the public markets in an IPO. It is a safe bet that not a single one of the protesters would recognize Briger for what he is: a titan of finance. Last year Fortress bought the European residential mortgage business owned by Ally at a considerable discount. For those basking in Schadenfreudeand, oh, its hard not toit is unlikely that hedge funds are going away. While any investor in a mutual fund can glance at the S&P 500 to get a yardstick of how well his fund manager is doing, a hedge fund with a more esoteric strategy is harder to measure. And Novogratz and Edens had sketched out almost identical ideas for a multibusiness alternative-investment firm whose collective whole would be worth more than its parts.
The five hotshots who took Fortress Investment Group public were worth billions at first. Long-term investments in established or emerging category-leading businesses, partnering with management teams to unlock potential for growth and value creation. Prior to being with the Fortress Investment Group. We have a lot of experience in capitalizing companies publicly, and we have had a lot of success doing it, Edens says. We have bet on ourselves more than anyone else has., To go with their bravado, they lived a normal lifestylethat is, normal by the rarefied standards of those who made their fortunes in finance. As managers sold their positions, some discovered, as one manager puts it, that all our names were owned by the same guys. Its a cold, damp October morning in downtown San Francisco. We thought that having that public name would give us branding more quickly and do more things and potentially make more money for the business, he explains. His high-profile deals have included loans to both fallen New York real-estate mogul Harry Macklowe and Donald Trumps struggling Chicago hotel project. Mr. Nardone is a principal and has been a member of the Board of Directors of Fortress Investment Group LLC since November 2006. Launched Fortress Credit Opportunities Fund V, Launched Fortress Japan Opportunity Fund IV, Launched Fortress Real Estate Opportunities Fund III, Priced IPO for Mosaic Acquisition Corp. in October, Appointed investment manager of the third party originated JP Funds, Launched Fortress Credit Opportunities Fund IV, Launched Fortress Japan Opportunity Fund III. Additionally, Peter Briger has had 2 past jobs including Partner at Goldman Sachs. Fortress was one of about 15 hedge fund firms that had money with Dreier. Were maniacal, he adds. With credit markets falling, and hurt by mark-to-market pricing, the main Drawbridge Special Opportunities fund was down 26.4 percent in 2008, but it bounced back to return 25 percent in 2009 and 25.5 percent in 2010. Do the math, says another veteran Wall Streeter. He previously served as managing director and head of sales, marketing and distribution for Oppenheimer and Company's Alternative Investment Group. For investors, it was supposed to make sense to pay so much more than the 1 percent of assets that a mutual fund might charge, because hedge funds were supposed to offer something that a mutual fund couldnt. The C.E.O.s of investment banks including Bear Stearns, Lehman, and Morgan Stanley blamed short-selling by hedge funds for the declines in their stockno matter that these banks had previously made a lot of money from the industry, and that Morgan Stanleys C.E.O., John Mack, had once worked as the chairman of a hedge fundPequot Capital. And no wonder. The funds have delivered annualized returns of 10.2 to 10.7 percent since inception. Many dont actually hedge at all. Portfolio. Briger currently owns just north of 44 million shares worth roughly $350 million and more Despite this massive hit to his net worth on paper, Briger stays an elite player in the dark world of unique asset investing. Fortress was founded as a private partnership only a decade ago by Wesley Edens, now 47, Randal Nardone, 51, and Robert Kauffman, 45. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Cond Nast. In corporate credit the firm was taking positions that were very senior in the capital structure, making it less vulnerable in the likelihood of a default. from the University of Texas School of Law. His specialty: investing in distressed debt and beaten-down loans that no one else wants or that are being dumped by sellers under financial duress. He is a self-made billionaire with a net worth of 1.2 billion dollars. How exactly did the alleged illegal activity go down? Invest better with The Motley Fool. Given his background, Briger should have seen the opportunity, but the Drawbridge funds rarely if ever short. As co-CIO of the firms $11.8billion credit business, he tries to avoid unwanted distractions that might prevent him from doing what he does best make money. Its also worth noting that, despite all the problems in hedge-fund land and the clamor for more regulation (and there will be more regulation), you dont see any hedge-fund managers in Washington with their hands outstretched for a piece of the bailout pie. Wes is naturally an optimist, saying, What can I do to expand; what can I see over the horizon? Youngest sibling Novogratz is the realist, Mudd continues, and middle sibling Briger is by nature a pessimist, and his team is a reflection of that.. He also told them that they needed a Washington lobbyist because the industry lacked a voice. Ms. Cowen received a B.S. What they failed to understand was that bankruptcy rules are also different in London, and that they wouldnt be able to get their money out. Because the U.S. actually has fairly strict rules about the amount of debt you can use, many funds had set up offshore accountssometimes with Lehman Londonwhere the rules were far laxer. Mr. Briger is responsible for the Credit and Real Estate business at Fortress. You do not have access to www.multifamilyexecutive.com. Peter earns over 100 million dollars in net cash payout since 2005. Now they wont return your phone call., Nor is it clear when the purge will be over. The other 200, responsible for deal making and managing the assets, report to Briger and Dakolias. But Briger dismisses the financial motivation, pointing out that all of the partners were already very well off. And more! Prior to joining Fortress, Mr. Peter L. Briger, Jr. Today, Fortress' stock is down 74% since the IPO. Marc K. Furstein is the President of Credit Funds at Fortress Investment Group LLC and is also a member of the firms Management Committee. But the widespread impression among investors is that managers broke a social contract and are doing it to save their own skins. Take its dealings with billionaire property developer Harry Macklowe. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. You can go after more-attractive risk-adjusted returns, says McKnight, who is a member of the investment committee, with responsibilities for distressed corporate credit. Here is the way he climbed to the peak of the snug corner of the investing world. Prior to joining Fortress in March 2002, Mr. Briger spent fifteen years at Goldman, Sachs & Co., where he became a partner in 1996. Just before things turned truly rotten, Fortress committed more than $300 million to the film finance company, Grosvenor Park, which last summer released the genre spoof Disaster Movie. The future remains bright for Peter Briger JrWith the financial crisis now seven years in the rearview mirror, Briger still sees ample opportunity to profit from distressed assets, particularly in the financial sector. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. Mr. Edens is Co-Chief Executive Officer of Fortress and has been a member of the board of directors of Fortress since November 2006. Novogratz had ended his Goldman career as head of Latin America in 2000, and by late 2001 he was anxious to start working again. Banks and other lenders have begun the process of getting illiquid assets off their balance sheets to meet heightened capital requirements. Joseph P. Adams is a managing director within the Private Equity business at Fortress Investment Group LLC and serves as Chairman of SeaCube Container Leasing Ltd. Mr. Adams is also a member of the Management Committee of Fortress. Principal and Co-Chairman of the Board of Directors at Fortress Investment Group. You know the childrens books A Series of Unfortunate Events? Jamie Dinan asks me. Its shares have been decimated since the financial crisis. Now is a great time for what Pete does, says Mudd. The size of paychecks as they relate to performance got out of control, particularly in the last few years, says Brad Balter, who runs a hedge-fund advisory firm called Balter Capital Management. In the first quarter of this year, Briger's team successfully raised $4.7 billion for a new fund called "Fortress Credit Opportunities Fund IV." The unhappy crosscurrents that are igniting protests against capitalism and causing political dysfunction in Washington are creating the best investment opportunities that Briger and the credit team at Fortress have ever seen. We were looking at the things no one else wanted, says Furstein, who spent a year building what would become the infrastructure for Goldmans Special Situations Group. He made partner at Lehman when he was barely past 30. By mid-October, rumors that Citadelwhich also depended on debtwas in trouble began to sweep through the market. As money flooded in, even those managers who did something unique soon found billions of dollars copying them. Mr. Peter L. Briger, Jr. . In 2002, Mr. Adams served as the first Executive Director of the United States Air Transportation Stabilization Board. Cuomo told the assembled managers that, if he were an investor, he would have sold housing-related stocks short as well. For a firm like Fortress, its very important to have good legal documents and vigilance. Edens is tall and polished; Briger is stocky and brusque. With the IPO came a much more formal agreement: For the next five years, the principals would each get a flat salary of $200,000. In mid-2008, there were some 10,000 hedge funds, according to Hedge Fund Researchmore than five times the number of companies listed on the New York Stock Exchange, and up from just 3,000 funds a decade earlier. Mr. Smith joined Fortress in May 1998, prior to which he worked at UBS and, before that, at BlackRock Financial Management Inc. from 1996 to 1998. In 2006 and 2007, Novogratzs funds had a strong run. Mr. Briger has been a principal and a member of the Management Committee of Fortress since March 2002. Mr. Bass also is a member of the Board of Trustees of the Florida State University Foundation. The Motley Fool has no position in any of the stocks mentioned. Jamie Dinan, C.E.O. Goldman launched the Goldman Sachs Special Opportunities (Asia) Fund, which Briger co-ran with Goldman partner Mul. (The men say they reimburse Fortress for the expense.). Truth be told, in the hedge-fund universe, about the only thing that makes Fortress unusual is its publicly traded stock. In this role, he designed and oversaw the implementation of financial reporting, tax, compliance and asset management systems, policies and procedures. . The valuation of the company right now I think is ridiculously low, I really do, insists Edens. Mr. Brooks is also a member of the firms Management Committee and serves as the general counsel of the Credit business as well as the firm. ), Furstein worked in New York for Goldmans vaunted financial institutions group, run by Flowers. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Ray ID: 7a121abfce2d1f32 Among the early transactions was a rescue loan to Williams Cos. that was arranged by Lehman Brothers and included Warren Buffetts Berkshire Hathaway as a lender. Kenneth Wormser helped arrange financing for Fortress and other hedge fund managers over this period. The company also has private equity and liquid markets divisions. Was Tiffany involved? Some hedge-fund managers defend the loss of 18 percent of investors money as trouncing the S&P 500, which lost 37 percent in 2008. I dont think we had a signed partnership agreement for at least the first five years, says Edens. But the developer has not given up on the idea of using Fortress as a future lender. It is an investment approach that comes with a healthy dose of paranoia. As the money rolled in, many young managers thought they were geniuses. Edens was a big proponent of the IPO. Elected as co-chairman of the board in 2009, Pete Briger has guided the firm's operations in various . And for smart youngstersor those who thought they were smartcoming out of Harvard Business School, or with a few years on Wall Street, well, how else could you get rich so quickly? Fortress has taken steps to improve the business at the corporate level. Mul went on to form Greenwich, Connecticutbased credit-focused hedge fund firm Silver Point Capital with Robert OShea, another exGoldman partner. It is a business of discipline. When he arrived, he battled for elevator space with other hedge-fund managers. And they still own 77 percent of the companys stock. Prior to co-founding Fortress in 1998, Mr. Edens was a partner and managing director of BlackRock Financial Management Inc., where he headed BlackRock Asset Investors, a private equity fund. With their high margins, low risk and low leverage, Brigers funds were always slower and steadier. What you have is the ability to organize loans and offer solutions and refinancings, which if you were a hedge fund with just five guys and a Bloomberg terminal, you just could not do., McKnight, 34, also came to appreciate how easy it is to get an investment idea heard by Briger and Dakolias. Ms. Cowen began her career as an analyst at The Blackstone Group in the private equity and M&A groups. Mr. Ladda received a B.A. A few years later he moved to Tokyo, eventually getting into trading. from University of California at Berkeley and an M.B.A. from the Wharton School at the University of Pennsylvania. Unfortunately for Mr. Briger, that high water mark. Peter L. Briger Jr., '86. Initially, McGoldrick and Briger shared an apartment in Tokyo. Much of the groups effort was spent advising banks on how to clean up their balance sheets. 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