Reported 6 months ago
Billionaire Bill Ackman's Pershing Square Capital Management has raised $1.05 billion by selling a 10% stake in the hedge fund to institutional investors and family offices, ahead of a potential IPO in 2025 or 2026. The funding involved investors like ICONIQ, Arch Capital Group, BTG Pactual, Menora Mivtachim, and others, with $500 million earmarked for a new investment portfolio to be listed on the NYSE. The remaining funds will support new strategies and funds Ackman plans to launch, with the hedge fund also restructuring its ownership and appointing Ben Hakim as president.
Source: YAHOO