Thursday, 21 August 2014
Last updated 13 hours ago
Jul 2 2007 | 2:51pm ET
Another hedge fund giant is going public. Och-Ziff Capital Management, one of the world’s largest hedge fund managers with some $27 billion in assets under management, has filed for an initial public offering that will raise as much as $2 billion.
The New York firm is the latest alternatives titan seeking to raise money in the public markets—following recent IPOs and IPO announcements from the Blackstone Group, Fortress Investment Group, GLG Partners and Third Point.
The firm explained that its move is part of an effort to attract and retain its investment talent. The IPO will also facilitate an expansion into new strategies—the firm’s flagship OZ Master Fund specializes in distressed debt and restructuring and holds about 65% of the firm’s total assets—and serve as a payday for Och-Ziff senior management.
Och-Ziff was quick to note that those beneficiaries will “reinvest all of their after-tax proceeds into certain of our funds.”
“One of the principal purposes of this offering is to further increase the investment of our existing partners in our funds which will further align the interests of our existing partners and our fund investors,” Och-Ziff said in its filing statement.
The firm plans to list its shares on the New York Stock Exchange, under the ticker symbol “OZM.”
Aug 4 2014 | 7:42am ET
By now, U.S. and international subscribers have received their home or office delivery of the special 500th issue of Futures magazine. You can too!—a very special offer follows. The issue is the largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders. Read more…
The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note