NEW YORK (Financial Times) — A sharp credit contraction caused by the banking crisis and rising interest rates will fuel a wave of defaults, said Pete Briger, co-founder of Fortress Investment Group, which on Monday was sold by SoftBank to an arm of Abu Dhabi’s sovereign wealth fund and the asset manager’s own employees.
In an interview with the Financial Times, Briger said the expected market turmoil created the best opportunities for distressed asset investors since the 2008 financial crisis. As such, it was a good time for Fortress employees to buy the firm, which specializes in distressed debt and other debt-based investment strategies and has $46 billion in assets.
