Fortress Investment Group LLC has filed for an IPO of $750 million with the Securities and Exchange Commission, the first for an alternative investment manager, according to Market Watch.
The company, which has $26 billion in assets under management, did not specify the size or price range it will offer, and the amount raised could differ from its registration amount.
Fortress plans to sell its Class A shares – its five principal partners will maintain 90 percent of the voting power in Fortress by owning all of its B shares. The stock will be listed under “FIG” on the New York Stock Exchange; however, a launch date has not been set.
The IPO will allow the public to benefit from M&G’s large management fees through dividends. Fortress raises and manages private-equity funds and hedge funds. In the last three years its pre-tax earnings have risen 109 percent from $54.8 million in 2003 to $240.1 million in 2005.