If there is one man that can be named in history as the man who brought private equity to the public world, it is none other than Forbes’ Randal Nardone of Fortress Investments. In 2007, the New York City-based Fortress Investments had an initial public offering on the Nasdaq Stock Exchange where it was the first private wealth company to become tradable on the stock market. After the first day of trading, the stock doubled to over $35 per share from an offering price of $18.50.Not only the co-founder of Fortress Investments back in the 1990s, Randal Nardone has served in many roles in the company including interim CEO and currently the Chief Operating Officer.
After gaining his J.D. at Boston University and his bachelor’s degree in English and Biology at University of Connecticut, Randal Nardone has served in many capacities as a board of directors member on other finance companies. Some of these companies include EuroCastle Investments, BlackRock Financial Group, UBS (‘97), Springleaf, OneMain, Newcastle investment, RIC Coinvestements, doBank, and Alea Group Holdings Bermuda.After seeing the success that Randal Nardone has created for Fortress and seeing his guidance in other areas, Japanese firm SoftBank was confident enough to acquire Fortress last year for 3.3 billion dollars.
SoftBank is aiming to grow its financial and technological holdings, with the ultimate move of investing into artificial intelligence. SoftBank has acquired the likes of Sprint mobile devices, and ARM Holdings PLC: a UK company which was acquired for $32 billion.Last year alone, Randal acquired 100 million dollars to his personal credit, bringing his position on the Forbes list to 557th; current estimated net worth is around 1.8 billion dollars. The majority of this wealth comes from owning 53 million shares of Fortress investment, which amounts to the tune of 1.6 billion dollars.