But Och will eventually have to score some big returns for the shares of his publicly traded hedge fund firm to reach the level of its 2007 initial public offering.

FORBES: Och-Ziff's Big Hedge Funds Keep Attracting Cash And Posting Small Gains

The deal is set to be the city's biggest initial public offering so far this year and could spark more IPOs, although some fund managers said they are skeptical about the deal.

WSJ: Sinopec Engineering's IPO Has Skeptics

Dedicated to offering the public "powerful experiences with art and the urban environment, " the fund's other projects have included bringing Jeff Koons's topiary-puppy sculpture to Rockefeller Center and Rob Pruitt's statue of Andy Warhol to Union Square.

WSJ: Discovering Columbus | A Monumental Problem | By James Panero

Or my alma mater, Goldman Sachs letting a hedge fund maven client pick out the lousy mortgages to go short in a public offering.

FORBES: The Culture Of Financial Entitlement

At the time they decide to fund a company, they can negotiate the option to buy newly issued shares at the public offering.

FORBES: Second helpings