New York hedge fund Och-Ziff Capital Management is setting its sights a little lower for its upcoming initial public offering.

In filings with the Securities and Exchange Commission today detailing the planned IPO, Och-Ziff, which manages almost $30 billion, now says it will raise as much as $1.19 billion; earlier filings indicated it would sell some $2 billion worth of shares.

Under the plan, the hedge fund manager run by former Goldman Sachs trader Daniel Och will sell 36 million shares for between $30 and $33 each, with a 5.4 million share over-allotment. Those Class A shares will represent 9% of the firm, valuing it at as much as $12 billion.

The remaining 91% of Och-Ziff will be in Class B shares, which will be given only to current executives. The 18 partners will reinvest their proceeds in the firm’s funds for five years, and the firm will borrow $750 million to pay Och and the firm’s other owners, notably the Ziff family, in advance of the offering.