There aren’t too many self-made billionaires.
However, Randal Nardone is one of them. Married with one child, he is the CEO and co-founder of Fortress Investment Group. The other two co-founders include Wes Edens and Rob Kauffman. Kauffman retired in 2012, however, to pursue a personal interest, NASCAR racing, and Peter Briger has since replaced him as one of the company’s principals.
Each of these founders brought much experience and knowledge to their new company, having previously been employed at prestigious well-known companies that include Goldman Sachs, Lehman Brothers, UBS, and BlackRock Financial Management Randal Nardone currently has a net worth of over a billion dollars. With the company’s headquarters located in New York, Fortress Investment Group is a firm that helps people to diversify their investments. Fortress Investment Group was founded in 1998 as a private equity firm and currently has over 1,700 investors.
The company has much experience in managing both financial and physical assets. For their clients and with the help of nearly 1,000 employees, Fortress Investment Group LLC has a few different successful strategies that cover the fields of real estate, credit, private equity, and more.
Many self-made billionaires have spent time in college. This is also true for Randal Nardone. He graduated from the University of Connecticut with a Bachelors Degree in the field of Science. Most of Nardone’s 1.8 billion dollar net worth is invested in shares in shares. He Nardone owns 53 million shares.
Kauffman, Nardone, and Edens created Fortress Investment Group with the goal of offering customers a different kind of investing experience. They wanted to create an investment firm that offered an “alternative-asset” strategy. This strategy would raise private equity and then invest it into cutting-edge vehicles. This proved to be a lucrative strategy for the three founders because Fortress Investment Group grew quickly. Their $400 million in assets turned into nearly 4 billion in the company’s first five years. This means that the company multiplied its value 10 times in such a short period of time.
Also, in less than 10 years after the company opened its doors, their assets totaled $32.6 billion. This wealth began with Fortress Investment Group’s very first investment vehicle in 1999, which Randal Nardone and his colleagues named the Fortress Investment Fund I. This fund focused mainly on real estate but expanded rather rapidly into hedge funds and debt securities.