Randal Nardone graduated from the University of Connecticut with a Bachelor of Arts degree, English/ Biology. He later earned a Doctor of Jurisprudence degree from the Boston University, School of law. Contrary to what he was specialized in, which is law; Randal Nardone decided to take a different professional path and showed m interest in asset management. He hence decided to learn more on how he would merge asset management with law. After serving top positions in different companies, Randal, and his friend and colleague in the financial field, Wes Edens, Founded the Fortress Investment group in the Year 1998. Randal Nardone, who was also listed position 557 in Forbes billionaire listing, has since then been a principal in Fortress Investment groupore and works in the New York based offices.
On December 27th 2017, there was an announcement that Fortress investment group was being acquired by Softbank group Corp.The deal finally closed when Softbank became the owner of all of Fortress outstanding shares which cost it $3.3 billion. Though the move came as a shock to many, to fortress, it was a strategy for them to privatize as it has been in their plan for some time. Fortress investment will also expand and get more partners in Asia with Ease. Contrary to what most might think, the move will not in any way alter how Fortress Investment operates. Softbank will not take control of a majority of Fortress Investments assets. In his comments, Randal Nardone stated that the move will make his company stronger as it will enable it to expand faster as they now have better access to credit sources.
Prior to the purchase, Fortress was selling its shares at $5.83 but soft bank bought all the outstanding shares at $8.08. Randal said that this was an awesome deal for fortress investors. He added that the company’s executives will split the $1.39 billion, which was what was made from the Softbank deal, according to the shares they each have. In estimation, Nardone’s company, Fortress is said to have $69.6 billion. Half of the amount being fixed income while the other half is in permanent capital vehicles, credit private equity, private equity and credit hedge funds.