Many billionaires inherited their fortune from deceased family members. Sometimes people even manage to win the lottery multiple times by a few good strokes of luck. Neither of these is the case for billionaire Randal Nardone, who currently has a net worth of 1.8 billion dollars.
Nardone is a self-made billionaire.
Many people believe that to be successful, one has to attend college. Randal Nardone did attend and graduate from the University of Connecticut, but the Bachelors Degree that he received in the field of science has almost nothing to do with the field that made him rich: investments. Yes, Randal Nardone is a man of many investments, having 53 million shares, himself.
He, along with two other men by the names of Wes Edens and Rob Kauffman, started Fortress Investment Group. Each man was well-equipped to run the company because they all brought knowledge and expertise to the table, having each been previously employed at companies such as Lehman Brothers and UBS.
Wes Edens, Rob Kauffman, and Randal Nardone wanted to make this investment company different from others, however, by offering what they called an “alternative-asset” strategy. With this strategy, Nardone and his colleagues would focus on building private equity then investing it into vehicles that they were sure would be winners.
This strategy worked fine for the men because in less than 5 years, they had grown their $400 million investment into a whopping $3.9 billion dollars. That’s nearly 10 times the amount it started off as! Fortress Investment Group continued to grow at a rapid pace, and now it is the powerhouse that clients, employees, and competition know it to be today.
Fortress Investment Group has nearly 2,000 investors and nearly 1,000 employees, all driven and all focused on how to multiply money in a few key fields:
- private equity
- real estate
- financial vehicles that are focused on long-term cash flow