September 17, 2006
Hedge Fund Wants To Make Market Foray
First they cornered the market and ensured that they got the lion’s share of revenues. Now that they’ve crossed the million, billion and trillion markets, some of them have decided that it is time to share their wealth. Well, don’t worry, your hedge fund is not indulging in any charity. For the first time, a hedge fund business wants to enter the market with an initial public offering (IPO).
While the news is yet to be confirmed, it is believed that Fortress Investment Group, a $24 billion private investment firm, is considering an initial share sale. Several investment banks are supposed to have approached the firm about an offering. However, the final decision is yet to be made and no IPO underwriters have been hired as yet. Marketwatch.com reports:
If Fortress went ahead with a public share sale, it would be the first IPO by a hedge fund business in the U.S. An offering could value the firm at $5 billion to $7 billion, the New York Times reported, citing unnamed people who had been briefed on the plans.
Read more: Fortress mulls going public, but hasn't hired banks
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