Hedge Funds

Fortress files for IPO


New York-based Fortress Investment Group, an alternative investment shop with $26 billion in hedge fund and private equity assets, on Wednesday filed for an initial public offering that values the firm at $7.5 billion.

Fortress expects to raise $750 million through the sale of a 10% stake. The offering will be the first public listing of its kind in the United States and is expected to serve as a critical gauge of investor appetite for publicly traded hedge funds. Several hedge fund groups in London, including Man Group and RAB Capital, are traded publicly.

The firm's five principals - Wesley