aFortress Investment Group LLC is making significant progress by venturing into corporate lending. The company plans to raise funds with the assistance of SoftBank Group Corp. Fortress targets to raise approximately $2 billion which will be dedicated to direct lending. People who revealed the information did not want to disclose their identity because the information was not meant for the public.
Fortress also plans to raise $5 billion to increase credit opportunities for people. In 2017, Fortress made sales worth $3.3 billion to SoftBank. To get approval for the deal, the Japanese conglomerate relinquished some controls. Recently, Fortress promoted McKnight Drew and Pack Josh to become the company’s managing partners. The two individuals will work with Peter Briger who is the co-chief executive officer of the credit group.
Joel Holsinger left Fortress in March when it made a major sale to SoftBank. Joel was said to be among the most promising leaders at Fortress alongside McKnight and Pack. Mr. Holsinger is currently on sabbatical even though he served at Fortress’ management committee as a member. Some of the companies that closed their direct lending pools include: HPS Investment Partners LLC, Tennenbaum Capital Partners LLC, and Ares Management LP. Various asset managers see a great opportunity because banks are coming up with stiff regulations. As a result, most investors will look for other alternative of getting funds to start and run businesses . The new lending pool by Fortress will offer easy opportunities for direct lending
Peter Briger has extensive experience in investments and finance. Throughout his career, he has built an outstanding reputation as a dedicated and accomplished leader. Peter Briger served at Goldman, Sachs & Co. for 15 years where he gained a lot of experience in business operations. Currently, Peter Briger serves at Fortress Investment Group as a Co-Chairman and Principle of the company’s Board of Directors. Peter started serving in the Management Committee of the company in 2002. Today, Peter is the head of Fortress Credit business. Peter Briger is also the leader of a team of 300 employees who focus on credit and asset investments. Additionally, Peter pursued Business Administration at the University of Pennsylvania. Meet Pete Briger: A Titan in the Investment and Finance World