A publicly owned alternative asset manager is set to raise up $760m (€572m) from a share offering and Pzena Investment Management has filed for a $150m flotation, following a trend of private equity and hedge funds selling stakes in themselves.

American Capital, which has $12bn in assets under management, is planning an offering of 17 million shares. The firm could raise $760m at its current share price of $44.67. Shares in American Capital fell 2.66% on Tuesday to close at $44.67.