Fortress goes public in historic transaction


Fortress Investment Group this week became the first U.S. hedge fund and private equity manager to offer shares in its management company to the public.

In a deal that was widely anticipated, Fortress sold 8.6% of its shares to the public at $18.50 per share, the high end of its expected price range of $16.50 to $18.50. The offering was oversubscribed by 25 times. Shares opened on the New York Stock Exchange this morning at $35 under the symbol FIG. By mid morning, in thin aftermarket trading, the stock rose to more than $37 before giving up some