Randal Nardone co-founded Fortress Investment Group LLC in 1998. He is now one of the principals of this alternative investments firm and works in its New York City offices. He is also on this company’s board of directors. He started his career as an attorney and worked at the Thacher Proffitt & Wood law firm where he was a partner. He entered the financial industry at Blackrock Financial Management, Inc., as a principal, and then joined UBS AG in 1997 where he was a managing director. He attended the University of Connecticut, where he earned bachelor’s degrees in biology and English, and he is a graduate of the Boston University School of Law.
It was announced on 12/27/2017 that Fortress Investment Group was being acquired by the Japanese banking giant SoftBank Group Corp. The final transaction that resulted in SoftBank Group owning all outstanding shares of Fortress cost $3.3 billion. After the purchase was completed the management team of Fortress Investment Group, including Randal Nardone, was kept in place. Fortress Investment Group will continue to operate as an independent company and will continue to invest in what they specialize in which is private equity, railroads, real estate, credit funds, and hedge funds.
When talking about the purchase of Fortress Investment Group, Randal Nardone said that he was pretty optimistic about the deal and how it would strengthen his company. He said that his company would be able to grow faster in the future and be able to get access to greater credit sources. In this deal the outstanding shares of Fortress Investment Group were bought for $8.08 per share while they had been trading at $5.83 which he said was a great deal for investors in his firm.In total, the executives of Fortress Investment Group made $1.39 billion when SoftBank bought their company. They are splitting this amount between them based on how many shares each owns in this company. Randal Nardone’s company is estimated to now have about $69.6 billion in assets under management with have of it in fixed income and the rest in private equity, credit private equity, permanent capital vehicles, and credit hedge funds.