Billionaire hedge fund manager Bill Ackman launched fundraising for a new U.S.-listed fund that could bring in upwards of $20 billion and will trade on the New York Stock Exchange.
Hedge fund manager Bill Ackman kicked off fundraising for a new U.S.-listed closed-end fund on Tuesday, an effort people familiar with the matter say could bring in as much as $20 billion, more than double his assets under management, some of that from retail investors. Last month, Ackman sold 10% of his firm, Pershing Square Capital Management, which has posted mostly strong double digit returns since 2019 after a spell of losses.
Ackman, a heavy user of social media platform X, referenced the fundraising on Tuesday when he messaged his 1.3 million followers "I am going to be busy for the next few weeks. $PSUS!!" Investors, including ones unable to write the multimillion-dollar checks Wall Street hedge funds traditionally demand, can pay $50 a share for the new vehicle. At the end of June, Pershing Square Capital Management oversaw $18.7 billion in assets, according to a company document.
Ackman built his reputation as an activist investor with noisy campaigns at companies ranging from railway Canadian Pacific to payroll and tax services company ADP. He owned stakes in Chipotle Mexican Grill, Hilton Worldwide Holdings and Restaurant Brands International at the end of the first quarter. Citigroup, UBS Investment Bank, BofA Securities and Jefferies are global coordinators and bookrunners for the initial public offering.
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