With a net worth of $1.8 billion, Randal Nardone, the self-made entrepreneur and businessman currently stand at 557th position in the list of billionaires released by Forbes. Randal Nardone is the co-founder, principal, and interim CEO of the largest alternative asset-based investment firm Fortress Investment Group. Since the inception of Fortress Investment Group in 1998, Nardone has been a crucial part of the company and has made major decisions that led to the success of the firm. Currently, he is working as a principal at the New York Office handling the credit division. Randal Nardone’s hunger for success and diversity compelled him to hold top management positions at different subsidiaries of Fortress Group namely, Impac Commercial Holdings, Springleaf REIT, Florida East Coast Railway and Seacastle.
Randal Nardone graduated from the University of Connecticut in the fields of English and Biology. Later on, he did his jurisprudence at Boston University. He started his career as an attorney at the Thacher Proffitt & Wood law firm. He delved into the financial sector as a principal of BlackRock Financial Management and moved on to become the managing director of UBS in the year 1997.
In 2013, Fortress Investment Group went public and offered their shares in an IPO offering. In 2017, Fortress Group was purchased by Tokyo’s banking giant, SoftBank Group for $3.3 billion. The purchase was made keeping in mind that the principals remain unchanged and the operations at Fortress Group retained its autonomy without any interference from SoftBank.
Randal Nardone felt very confident regarding the acquisition and also commented on how this merger would give them access to a larger database of credit sources thus strengthening the company. The details of the acquisition stated that every share was bought for $8.08 whereas they were trading at $5.83 per share making it a great deal for the company. Nardone’s Fortress Investment Group is currently handling assets worth $69.9 billion diversified between private equity, hedge funds, and permanent capital vehicles. The executives earned a whopping $1.39 billion from the purchase which was split based on the percentage of shares held by each person and more