In 1998, Randal Nardone, Rob Kauffman, and Wes Edens founded the Fortress Investment Group LLC principally as a private equity firm but quickly expanded its business to encompass hedge funds, real estate investments, and debt securities as well. In 2007, the Fortress Investment Group went public with its Initial Public Offering and became the first equity firm to be publicly traded. At the same time, Randal Nardone instantly became a billionaire and landed on Forbes Billionaire List in the ranking of #557 when the 53 million shares he owned were valued at $1.6 billion, which. However, shares of the Fortress Investment Group’s stock have since fallen significantly, and Mr. Nardone is no longer on Forbes Billionaire List. Before co-founding the Fortress Investment Group, Randal Nardone was a managing director at UBS. Since the founding of the Fortress Investment Group, Mr. Nardone has served as the firm’s Principal and on December 21, 2011 became the firm’s Group’s interim Chief Executive Officer. And in 2013, Randal Nardone officially became the Fortress Investment Group’s sitting Chief Executive Officer, a position he still, to date, holds. Mr. Nardone serves as Chief Operating Officer, Principal, and Chief Executive Officer for the Fortress Investment Fund IV and V that he co-founded, as well as Secretary, Vice President, Chief Operating Officer, Principal, and Chief Executive Officer for the Fortress Registered Investment Trust that he also co-founded. Mr. Nardone is a graduate of the University of Connecticut with two B.A. degrees, one in English and one in Biology, and also holds a J.D. degree from the Boston University School of Law.
In December of 2017, the Fortress Investment Group was acquired by the SoftBank Group, a tech-to-telecoms group based in Japan led by Masayoshi Son. Prior to getting permission from the CFIUS for the $3.3 billion acquisition of the Fortress Investment Group, the SoftBank Group had to agree to give up day-to-day control over the Fortress Investment Group, which means that Randal Nardone still holds his Chief Executive Officer position and continues to run the Fortress Investment Group as an independent division of SoftBank Group.
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