Bill
Ackman,
Pershing
Square
Capital
Management
CEO,
speaking
at
the
Delivering
Alpha
conference
in
New
York
City
on
Sept.
28,
2023.
Adam
Jeffery
|
CNBC
Billionaire
investor
Bill
Ackman
is
selling
a
10%
stake
in
Pershing
Square,
aiming
to
eventually
take
his
investment
firm
public.
Ackman’s
firm
is
raising
$1.05
billion
in
a
funding
round,
worth
10%
of
the
management
company
and
implying
a
valuation
of
$10.5
billion,
according
to
a
source
familiar
with
the
matter.
Investors
on
the
deal
are
institutional
and
family
offices
who
prefer
to
remain
anonymous,
the
source
said.
The
Wall
Street
Journal
first
reported
on
the
moves.
Pershing
Square
declined
to
comment.
With
the
funding
round,
the
hedge-fund
manager
is
eyeing
an
eventual
initial
public
offering
in
the
U.S.,
but
he
hasn’t
hired
bankers
or
started
that
process
officially
yet,
the
source
said.
Two
years
ago,
Ackman
named
Ryan
Israel
chief
investment
officer,
marking
the
first
time
the
billionaire
hedge-fund
manager
appointed
someone
else
to
run
day-to-day
investing
for
the
firm.
Ackman
serves
as
CEO,
with
ultimate
control
over
decision-making,
although
he
has
said
that
Israel
would
be
his
successor
to
run
the
firm
if
he
got
hit
by
a
“pie
truck.”
Pershing
Square
had
$18.6
billion
in
total
assets
under
management
as
of
the
end
of
April.
Most
of
its
capital
is
in
Pershing
Square
Holdings,
a
closed-end
fund
that
trades
on
European
stock
exchanges.
Ackman
has
become
one
of
the
world’s
most
prominent
hedge-fund
investors
after
years
of
market-topping
returns
and
vocal
activist
campaigns.
He
also
gained
a
wide
following
on
social
media
platform
X
with
1.2
million
followers,
commenting
on
issues
ranging
from
antisemitism
to
the
presidential
election.
Earlier
this
year,
Ackman
unveiled
plans
to
offer
a
new
investment
vehicle
listed
on
the
New
York
Stock
Exchange,
a
move
to
leverage
his
following
among
Main
Street
investors.
He
is
launching
a
publicly
traded closed-end
fund,
investing
in
12
to
24
large-cap, investment-grade,
“durable
growth”
companies
in
North
America.
The
popular
investor’s
hedge
fund
held
only
six
stocks
at
the
end
of
March,
including Alphabet, Chipotle
Mexican
Grill and Hilton
Hotels.
It
posted
a
26.7%
gain
last
year.
In
2022,
Ackman
quit
activist
short
selling,
a
practice
he
engaged
in
that
led
to
one
of
the
most
colorful
battles
in
Wall
Street
history
against
Herbalife.
