Fortress Opens the Gates to Landmark Hedge-Fund I.P.O.

Throwing aside hedge funds’ traditional taste for secrecy, the Fortress Investment Group has filed with regulators to sell shares in an initial public offering. The I.P.O. would be the first listing of its kind in the United States, allowing ordinary investors to own a piece of a firm that manages billions of dollars in hedge-fund and private-equity investments, which are usually restricted to institutional investors and the wealthy.
The preliminary filing said the I.P.O. could raise as much as $750 million by selling a 10 percent stake in the company, giving Fortress an implied value of $7.5 billion.