Randal Nardone did some outstanding things over the past two decades as the founder of the Fortress fund, which he started in 1998. Fortress was sold to Softbank, during December 2017 for $3.3 billion in cash. Fortress specializes in alternative investments.
Randal Nardone did his undergraduate studies at the University of Connecticut, where he got a BA degree. He went on to graduate from Boston University of Law, where he received a JD degree. He currently is a board member for Fortress Credit Corporation, Fortress Investment Group LLC, Springleaf Financial Holdings LLC, Springleaf Finance Inc., Springleaf REIT Inc., Eurocastle Investment Limited, Alea Group Holdings Bermuda Ltd., and Florida East Coast Holdings Corp.
Randal Nardone played a vital role in negotiations of the Softbank acquisition of Fortress, which included getting Softbank to agree to forgo control over the daily operations of the fund in order to be able to make the acquisition. That was the cost of entry into this level of Wall Street investing sophistication and Softbank was willing to pay it. Another interesting factor in this major acquisition deal was that it was the first time in history that a publicly-traded, U.S.-based investment fund was taken off the market to go private.
The motivation behind Softbank’s decision to take Fortress private probably includes many potential reasons. Certainly one of the motivators was the less restrictive investment regulation that goes along with being a private company that is no longer subject to public disclosure.
From all accounts on Bloomberg, the Wall Street Journal, and elsewhere, it is clear that one of the main attractions for Softbank was the ability to acquire a “brain trust” of top Wall Street investment professionals that operate at the highest level of the financial sophistication. Softbank probably wants advice and help on the many acquisitions it is making for its $100 billion Vision Fund. Now, on the top of that Softbank advisory list, is one the world’s most expert investors, Randal Nardone. Forbes says that his net worth is around $2 billion. He is currently 557 on the list of the world’s top billionaires. After Softbank’s acquisition of Fortress, Randal Nardone remains a principal, a board member, and the CEO. Fortress Three Top Executives Split $44 Million Bonuses In 2015