Fortress at the Ramparts

"If you look at all the private equity deals being done, especially in the merger arena, it just makes a deal like this look very attractive," he adds. "It wouldn't surprise me at all to see more come out."

Fortress has approximately $30 billion in assets under management in three primary businesses -- private equity, hedge funds and publicly traded real estate vehicles known as castles.

The company says in order to "maintain and expand" its position as a leading global alternative asset manager, "we need people, permanence, capital and currency. As a public company we will be best positioned to meet each of these goals."

In December, one month after Fortress filed its registration for the IPO, Japan's Nomura(NMR Quote) investment bank said it was buying a 15% stake in the hedge fund firm for $888 million. The deal recently closed.

While institutional investors have already gobbled up shares in anticipation of the IPO, average investors will also eventually be able to take part in the precedent-setting stock listing, says Tim Connolly, CEO of Turnaround Partners in Houston.

"The opportunity to pursue an investment in a hedge fund that could have venture capital returns with public market liquidity -- that's a good deal," Connolly says. "By going public they create a very transparent process for investors to look at."