November 10, 2006
Hedge Fund Group Issues Public Stock
From Today's NYT:
The Fortress Investment Group plans to raise as much as $750 million in what is set to be the first initial public offering by a United States hedge fund.
Investors will own 10 percent of Fortress after the offering, the company said yesterday in a regulatory filing. The sale values Fortress at up to $7.5 billion
Fortress, which oversees $26 billion, was founded as a private equity firm in 1998 by Wesley Edens, Robert Kauffman and Randal Nardone. It later expanded into hedge funds, real estate and debt. Its assets have more than doubled since March 2005.
LINK (registration req'd) to article
Form 3 Filing by Fortress