By Jenny Strasburg and Elizabeth Hester
Jan. 19 (Bloomberg) -- Fortress Investment Group LLC may raise as much as
$634.3 million in the first initial public offering by a U.S. manager of
hedge funds and buyout funds.
The New York-based firm plans to sell 34.3 million shares for $16.50 to
$18.50 apiece, according to a filing today with the U.S. Securities and
Exchange Commission. Its five principals will control 78 percent of the
company after the IPO, which values Fortress at about $7 billion.
The firm, led by Chief Executive Officer Wesley Edens, is selling shares
as investors pour record amounts into hedge funds and private equity.
Fortress manages $29.7 billion. The offering, which by one measure values
Fortress at a premium to Man Group Plc, the world's largest hedge-fund
manager, will be watched by other firms eager to attract permanent