The first US initial public offering of a hedge fund proved a huge success in February, making the f...
The first US initial public offering of a hedge fund proved a huge success in February, making the founders paper billionaires. Fortress Investment Group raised $635m through the New York Stock Exchange listing in early February with the stock 20 times oversubscribed.
The company was started in 1998 by Wesley Edens, Robert Kauffman and Randal Nardone, who previously worked for UBS and BlackRock Financial Management. They quickly expanded into hedge funds, real estate and debt securities and the firm's assets under management have more than doubled to $30bn since March 2005.
The founders retain ownership of 78% of the firm, which is now valued at around $7.5bn.
The success is set to encourage other US hedge funds to come to market this year. There are around 6,000 hedge funds in the US, managing investments of about $1,300bn.
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Total of 72 accredited firms
23% fall since Q1
Achievements, charity work and other happy snippets
Including advice firm Chadkirk WM