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The contagion quickly spread to other Asian countries, including Hong Kong, Indonesia, Laos, Malaysia, the Philippines and South Korea. Its given rise to the worst fearsthat hedge funds are a roach motel. He also says that, while his fund was up more than 50 percent last year, he has gotten redemption requests for 20 percent of his assetsnot because investors want to cash out, but because they cant get money anywhere else. Briger just wanted Fortresss money back. It was a painful process for Macklowe. Soros told Congress that the amount of money hedge funds manage would shrink by 50 to 75 percent. 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. We are the whipping boys, says one executive. Indeed, sources say that, while Goldman Sachs wanted Novos considerable skills, the firm was nervous about his lifestyle issues, and the two parted ways. They walk into Petes office, and Pete is thinking, How is this guy going to screw me?, Daniel Mudd, 53, who took over as CEO of Fortress in August 2009, describes the relationship among the partners this way: The businesses are like siblings. The five hotshots who took Fortress Investment Group public were worth billions at first. Unfortunately, in flush times few did that particular math, and so, for wealthy investors, endowments, and pension funds, hedge funds became the new luxury must-have. He is one of the most consistent people I have ever met in my entire life. The two former colleagues had planned to go into business together and started making some joint investments. The two had known each other since they were undergraduates at Columbia University in the late 80s. Although Briger returned to Goldman after less than a month, he still felt it was time to move on. The relatively flat reporting structure within the credit group means that even the most junior employee can suggest an investment at the weekly sector meetings. 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. Currently, Peter Briger is at position 962 on the Forbes list. Truth be told, in the hedge-fund universe, about the only thing that makes Fortress unusual is its publicly traded stock. The suggested campaign donation: $1,000. It was clearly a mistake, says Briger of the Dreier investment. 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. ), Furstein had decided not to go with Briger to Asia. First, they borrowed money, used $250 million of it to pay themselves a dividend, and used part of the I.P.O. Mr. Briger serves on the board of several charitable organizations including Princeton University, the UCSF Foundation, and the . Though Briger might be king of his own empire, Fortress is a polyarchy dominated by three powerful personalities: Briger, Edens and Novogratz. While the $10.7 billion the five principals made with the I.P.O. Peter briger net worth - tricitiesgeocoin.com The firm also canceled its dividend for the last two quarters of 2008. Prior to joining Fortress in March 2002, Mr. Briger spent fifteen years at Goldman, Sachs & Co., where he became a partner . Says Cooperman, despite his criticism of the industry, They werent the gods you made them into, but they arent the whale turds theyre being portrayed as now..