Tiger 21, an exclusive, global network of rich businesspeople—you need to pass a background check and hold at least $20 million in liquid assets to join—is looking to assemble its first group in Northeast Ohio.
The effort to form a Greater Cleveland cohort is being led by local Tiger 21 chair Dan Nitowsky, a native New Yorker but longtime Cleveland East Sider who spent some 30 years of his career in the electrical distribution space in Northeast Ohio.
“The essence of Tiger 21 is to provide members with the opportunity to develop skills and abilities to be disciplined investors, enhance their wealth and achieve personal goals,” Nitowsky said. “And as a member of Tiger, members have access to some unique travel opportunities, including the annual global exchange.”
Tiger 21 describes itself as the “premier peer membership organization for ultra-high-net-worth wealth creators and preservers.”
The organization is based in New York where it was founded in 1999 by chairman Michael Sonenfeldt, a real estate investor and executive who played a key role in the redevelopment and 1986 sale of the Harborside Financial Center in Jersey City, New Jersey.
Among other endeavors, he also established in 1992 what was then known as Emmes & Co., a private real estate investment group.
The Tiger 21 name is an acronym that stands for “The Investment Group for Enhanced Results in the 21st Century.”
But since its founding, the organization has grown into much more than a network for discussing strategies and concerns for investment portfolios among well-to-do business moguls.
Other topics that Tiger peers connect to discuss span a variety of subjects ranging from business and philanthropy to family dynamics and, really, advice or guidance on just about any challenge, opportunity or other hot topic of interest that may pop up among its network of rich businesspeople.
"Tiger 21’s dedication to building tight-knit, valuable communities of ultra-high-net-worth individuals and Dan’s unique connection to the city will allow members to intimately discuss the topics that matter most,” said Timothy Daniels, president and CEO of Tiger 21, in a prepared statement. “We look forward to witnessing the growth, collaboration and collective wisdom that will undoubtedly flourish in this dynamic group and bringing them into our global community of over 1,300 extraordinary members."
Those 1,300 global members are across more than 100 geographically based groups that collectively represent more than $150 billion in personal assets, according to the organization.
The Cleveland cohort that Nitowsky is building joins a group in Cincinnati as the two Tiger outfits in Ohio.
So what prompted this expansion to Cleveland?
That ties back to Nitowsky.
Nitowsky retired in 2018 as president of Leff Electric, but he couldn’t completely stay away from work for too long. Since 2019, he’s been an executive coach and peer advisory group chair for Vistage Worldwide Inc.
Anyone interested and motivated enough to launch a new Tiger group can apply to do so. So when a colleague at Vistage suggested that Nitowsky might be a good fit to convene such a group here, he jumped at the chance.
“I realized shortly after I retired that I wasn’t really ready for retirement mentally,” he said. “I still wanted to be relevant and active. I like the business world, and I enjoy working with people.”
As an executive coach, Nitowsky is certainly familiar with the myriad peer and affinity groups out there for all sorts of professional types. Tiger, he said, plays what might be thought of as a more complementary role to those.
“Tiger is often considered a graduate school for some of those peer groups because now, the member has achieved such significant success—maybe they had an exit or a significant liquidity event—and now their challenges are not so much with running a business but really dealing with wealth,” Nitowsky said.
While programming can vary, typically, members of a given Tiger group meet in person about once a month to exchange thoughts and ideas about challenges and opportunities on their minds. Locations are kept confidential.
Speakers occasionally are brought in to discuss a contemporary topic of interest.
And besides the annual convening of Tiger groups, Tiger members are often invited to attend meetings in other locations that they may be visiting when traveling.
But make no mistake: this is an exclusive club.
While organizers say their aim is to build as diverse of cohorts as possible in terms of backgrounds, groups typically max out in size with between just 13 to 15 members—so that’s about how many people Nitowsky aims to collect in and around Northeast Ohio.
And besides having at least $20 million in assets, a prospective member must be prepared to share referrals, pass a background check and sign a non-disclosure agreement. The annual dues are $33,000.
Furthermore, one must be actually invited to join.
Anyone interested in learning more about joining the Tiger network is directed to consult the “inquire about membership” option on the Tiger 21 website.
As an application moves forward, information will eventually be forwarded to the chair of the related market group. Details on anyone pursuing membership in Cleveland will eventually come to Nitowsky.
“A good fit for a member is someone who’d be a good fit for the group,” Nitowsky said. “We want to check the egos at the door and have someone willing to share and learn from others.”
“I think the point is that, just because you have success in the business world and had a significant liquidity event, many people assume you are on easy street,” he added. “The reality is there are many challenges inherent with wealth, especially first-generation wealth, that you can’t learn in school. And the value of having a group of people around who are experiencing similar challenges is priceless.”