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From: TFF	11/9/2006 4:43:09 PM
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Hedge Fund Is Planning Public Offering By BLOOMBERG NEWS Published: November 9, 2006 The Fortress Investment Group plans to raise as much as $750 million in what is set to be the first initial public offering by a United States hedge fund. Investors will own 10 percent of Fortress after the offering, the company said yesterday in a regulatory filing. The sale values Fortress at up to $7.5 billion Fortress, which oversees $26 billion, was founded as a private equity firm in 1998 by Wesley Edens, Robert Kauffman and Randal Nardone. It later expanded into hedge funds, real estate and debt. Its assets have more than doubled since March 2005. The offering will expose Fortress to the kind of public scrutiny that private investment firms usually avoid. Fortress said having publicly traded shares would help it compensate employees, raise capital and provide currency for future acquisitions. Proceeds will help it start funds to invest in infrastructure, real estate and structured debt, and to “selectively diversify our business,” the company said in its filing with Securities and Exchange Commission.

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