HEDGE FUND MANAGERS are increasingly looking to the public markets as a source of long-term capital. Citadel Investment Group, a $12 billion Chicago-based hedge fund, sold $500 million of five-year notes in December off its public MTN programme. Alternatives house Fortress Investment Group, which manages $9.4 billion in hedge funds, floated an 8.6% stake in the management company on the New York Stock Exchange in February, raising about $685 million. And hedge fund manager Brevan Howard, which has more than $11 billion in hedge fund assets, raised €770 million when it floated a single-strategy fund on the London Stock Exchange in March.
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