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Och-Ziff Capital, a hedge fund with $26.8 billion in assets, got its start 13 years ago. The founders include Daniel Och, a former operator at Goldman Sachs Group (NYSE: GS), and members of the Ziff family. Apparently, now it's time to take some money off the table, and Och-Ziff has filed to go public.The goal of the fund: "Deliver consistent positive, risk-adjusted returns throughout market cycles, with a focus on risk management and capital preservation." However, if you look at the average returns for the past three years -- 12.2% -- you could have actually done just as well with an S&P 500 index fund (and not have had to pay the hefty fees or agree to lockups). But, hey, in the rarefied world of the wealthy, things don't always make much sense.
The lead underwriters include Goldman Sachs and Lehman Brothers (NYSE: LEH). The proposed ticker is OZM, and the prospectus can be reviewed on the SEC Web site.
Tom Taulli is the author of various books, including the Complete M&A Handbook and the EDGAR-Online Guide to Decoding Financial Statements.
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