If you are going to build something in the air, pick a moniker that invokes confidence. Even Fortress must be surprised by the mad scramble for its shares. On Friday, the alternative asset manager started trading at twice the already steep offering price. Though its shares pulled back a little, it was quite a pop – especially if you consider how Fortress makes its money.

Like rivals, the now publicly traded management company principally relies on two sources of revenues. Outside investors in Fortress funds are charged annual management fees – typically 1 to 1.5 per cent of committed capital in private equity and 1 to 3 per cent of assets under management in hedge funds. In addition, Fortress gets 20 per cent or more of funds’ profits above certain minimum levels.