IPO FORTRESS INVESTMENT GROUP LLC (NYSE:FIG) Soars on First day

For investors following IPO's and investors following developments in the hedge fund industry today was a significant day . With an IPO priced at $18.50 a share , the whole industry was watching as the price took off on the opening, up 89% , the market has to ask has Fortress opened the door to more hedge funds going public

From their S1 filing at www.sec.gov:

Our CompanyFortress is a leading global alternative asset manager with approximately $26 billion in assets under management as of September 30, 2006. We raise, invest and manage private equity funds, hedge funds and publicly traded alternative investment vehicles. We earn management fees based on the size of our funds, incentive income based on the performance of our funds, and investment income from our principal investments in those funds. Our funds have produced consistently superior investment returns. We intend to grow our existing businesses, while continuing to create innovative products to meet the increasing demand of sophisticated investors for superior risk-adjusted investment returns.