Fortress Investment Group is thinking about what many once thought was unthinkable: An initial public offering of a hedge fund operator. It seems like an odd move. Hedge funds after all thrive on secrecy; many, but not all, opposed the now defunct registration rules. But the upside is that the firm would get another means by which to raise money and a powerful way to provide incentives for recruits. Of course a few private equity firms have already gone this route with specific funds, but this would be a bit different in that it would be an offering for the company that runs the funds. Fortress is not a typical hedge fund firm; it runs several other business lines that make an IPO much more logical.

For more on Fortress:
- Here's a New York Times article