Forbes’ Billionaire Randal Nardone did not get to #557 for just anything. With a doctorate (J.D.) from Boston University School of Law and a Bachelors in Arts in English and Biology from University of Connecticut, he founded the Fortress Investment Group where he serves as Chief Executive Officer and Wes Edens, both very notable names in the financial field. Starting as a lawyer, he transitioned into finance by working for Thacher Proffit & Wood as a partner, BlackRock Financial as the principal, and even the Union Bank of Switzerland. Even though he did well in these very prolific businesses, he was not satisfied until he established his own great company in 1998. With this, he has earned his spot on the Forbes Billionaire list with a net worth of $1.8 Billion. How? Randal Nardone owns more than 50 million shares worth $1.6 Billion. Since 2005, he has earned a $100 million more in net cash payouts. Fortress Investment Group manages more than $70 billion in alternative assets like private equities, credit funds, and liquid hedge funds. The Group sold the minority interest to a Japanese investment firm, Nomura, for $890 million. In 2014, he was awarded “Hedge Fund Manager of the Year” from Institutional Investor and “Management Firm of the Year” from HFMWeek, not to mention the many other awards given in the previous years.
Besides Fortress Investment Group, Randal Nardone also has worked in different sectors of companies like Fortress Credit Corporation as the co-founder and principal, Fortress Investment Fund, Fortress Investment Trust, Springleaf Financial Holdings, New Castle Investment Holdings, as well as many others. Even more recently, planned out on February 14th, 2017, SoftBank Group bought the company for $3.3 Billion. This acquisition was completed just last December (2017). With this new development, the management of Fortress Investment Group will definitely change, but Randal Nardone will still be a part of the new management. I guess you can say he’s not ready for his baby to grow up just yet. Read full article
The RealReal is a consignment store that buys and sells luxury goods. They have just acquired $115 million in Series G funding in order to raise a private equity worth $288 million. There is a very high demand for high-end used fashion goods, and The RealReal is picking up momentum as the demand rapidly rises.
PWP Growth Equity led the round in addition to the investor Sandbridge Capital and Great Hill Partners. Chip Baird, will also be joining the board of directors of The RealReal.
There is no shortage of investors taking notice of and wanting to join forces with The RealReal as used luxury goods are in very high demand at the moment. According to Threadup, online resale is on the rise and is projected to be worth a whopping $41 billion by 2022. That is because millennials are on the hunt for recycled items and well as great bargains. It is also projected that online consignment sites such as The RealReal, Poshmark, and Threadup will account for one-third of closets by the time the year 2017 is here.
The RealReal plans to use the extra cash to solidify its takeover by expanding their physical stores. They also want to expand their growing supply of luxury goods with new fulfillment centers. The company already has a store in SoHo and plans on opening a new one in LA on July 31. Julie Wainwright, CEO of the company, wants to open additional stores in Manhattan and wants to debut more jewelry and watch valuation centers all over the country. The RealReal now has the momentum and the money to really expand and grow over the coming years as the demand for secondhand luxury goods grows.
The RealReal has a good reputation for being extremely thorough and tough when it comes to the validation process that they use to ensure the genuine quality of their products. That is one of the reasons why they have gained the trust and business of so many clients. They are excited to be expanding so substantially and to make themselves more accessible to their clients.
GreenSky Credit is a lending firm that has been in the financial lending industryfor over a decade. The main focus of its operations is to assist other lending organizations, whether small or big firms, to provide credit to their customers with much ease. GreenSky provides financial support to the creditors and other lending firms so that they can avail their customers with the right loan services that they deserve. On the other hand, the organization also offers an online platform whereby the customers to the financial lenders that are in partnership with GreenSky can access the credit smoothly and without much hassles.
The online platform provided by GreenSky has proved to be one of the most efficient applications in the finance industry. This is because no paperwork is needed for the loan applicant to access the credit facility. All that is required is the applicant to log into the GreenSky Credit website portal and fill in the loan details. Then the details are submitted to the financial institution that is in partnership with GreenSky Credit for review, a process that takes only a few seconds. After the approval by the lending company, then the loan is ready for processing, and the customer can access the fund within the next two days. This has moved a long way in ensuring that the application process is as efficient for the customers as possible.
Since the formation of GreenSky Credit, the organization has continued to show rapid growth; both in the valuation figure and the customer base. This has been greatly attributed to the strong leadership of the company’s CEO, David Zalik, who has been quite focused on the adherence to the firm’s objectives and goals. Unlike other lending firms that have the misconception about the power of any company’s growth, David Zalik is very particular and precise about what his firm requires to reach the great height that he intends to take it. He has led the personnel and management of GreenSky Credit toinvest in strong business relationships with the financial lenders, an aspect that has seen the company’s customer base skyrocket over the recent few years.