Randal Nardone is one of three co-founders of the alternative assets management firm Fortress Investment Group. They established this company in New York City in 1998. Fortress Investment Group was established as a company that would invest primarily in private equity, buying and managing firms in industries. Over time they branched out into other investments, like credit and real estate, so that they could diversify their holdings. They now have $43 billion in assets that they manage for more than 1,750 investors.
Before establishing Fortress Investment Group, Randal Nardone had been a managing director of the banking giant UBS. Since Fortress was founded he has been a partner and director of the firm and, for a few years, he also served as the chief executive officer. He began his career as a lawyer after earning his law degree at the Boston University School of Law. In addition to his role at Fortress he also serves as the director of three other firms which are Gagfah, Brookdale Senior Living, and Springleaf Holdings. He is also on the executive management committee of New Residential Investment Corporation.
Fortress Investment Group was acquired in early 2018 by Japan’s SoftBank. Day-to-day control of Fortress remained in the hands of Randal Nardone and the other two principals, however. Their acquisition cost $3.3 billion and had to be approved by the Committee on Foreign Investment. It was agreed that the leader of SoftBank, Masayoshi Son, would have limited say in how Fortress Investment Group would manage investments going forward.
When this acquisition gained approval Randal Nardone and the other two principals penned a letter to the employees and partners of Fortress Investment Group. In the letter, they wrote about how this company was starting out on a new path which bore a number of similarities to this firm’s original mission. They looked forward in the article to entering the global market and investing in firms around the world. They also wrote about how the company had gone from one with $400 million in capital and 28 people to one that had 15 offices and 1,100 people working for it.