Och-Ziff fund files to go public
The New York-based hedge fund manager seeks $2 billion in IPO.
Och-Ziff Capital Management Group LLC has filed for a $2 billion initial public offering with the Securities and Exchange Commission today.
The New York-based hedge fund manager said it would offer Class A shares representing an interest in the limited liability company. Shares will trade on the New York Stock Exchange under the symbol “OZM.”
The company had $26.8 billion of assets under management, 300 personnel and 700 fund investors as of April 30, according to the filing.
Goldman Sachs Group Inc. and Lehman Brothers Holdings Inc. are serving as co-lead managers for the offering.
In the quarter ended March 31, the company earned $85.2 million, or 86% more than a year ago, on revenue of $284 million.
Och-Ziff’s planned IPO follows New York-based Fortress Investment Group LLC’s $634.5 million February floatation (InvestmentNews, February 9) .
The Blackstone Group, a New York-based private equity company with a hedge fund business also launched a $4.1 billion IPO last month. (InvestmentNews, June 22)
Ochs-Ziff was founded by former Goldman Sachs trader Daniel Och.
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