Fortress at the Ramparts

If 2006 was the year of public offerings for boutique investment banks, this year could be the year of hedge fund IPOs.

Fortress Investment Group is expected to price its much-anticipated initial public offering late Thursday in what should be the largest IPO so far this year.

As the first hedge fund to go public, Fortress could be instrumental in opening the doors for more hedge funds and other alternative investments to look to the capital markets to help them build their businesses. Of course, much depends on how well the IPO is received by investors -- but from the looks of pre-IPO demand for the stock, that shouldn't be a problem. ...