Drawbridge raised as Fortress keeps building

Fri Apr 1, 2005



Briger and Novogratz prove that private equity firms can run hedge funds

Asian experience. Made billions managing money for Goldman Sachs and its clients. Backing from an established private equity firm. Sounds like Dinakar Singh, who recently left Goldman Sachs to join Texas Pacific Group to run a hedge fund? Wrong. It is, in fact, Peter Briger and Michael Novogratz.

Both men joined private equity group Fortress Investment to launch the Drawbridge family of hedge funds three years ago long before TPG, Carlyle and other private equity giants decided to get into the hedge fund business. As a result, their experience is very relevant to all the late-comers.

And it's a pretty good experience, as Fortress has already joined the elite fraternity of funds with more than $5 billion of assets and, remarkably, it managed to get there without fanfare and with few in the industry knowing anything about the group....

ISSN: 2151-1845 / CDC10004H

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