Billionaire investor Bill Ackman plans to take Pershing Square Capital Management firm to the New York Stock Exchange as a new hedge fund for U.S. retail investors with no minimum investment, nearly two years after his $4 billion special purpose acquisition company failed to follow through on a deal on a target company to go public.
Billionaire Bill Ackman said his proposed new fund would invest in 12 to 24 core holdings in a ... [+]
Pershing Square USA, the proposed new hedge fund, will be structured as a closed-end management fund, raising money through an initial public offering before its shares are traded publicly, according to a filing with the Securities and Exchange Commission.
If approved, that fund will invest in 12 and 24 large-capital and “durable growth” core holdings.
Ackman, who has become a major critic of Harvard University leadership over student-led protests and criticized its now-former president for alleged plagiarism, said he plans to waive a management fee for the first year, and after that charge a 2% fee, similar to a typical management fee, though without an additional performance fee in place.
The IPO filing comes just over three years after another IPO for Ackman’s SPAC, Pershing Square Tonite Holdings, which raised $4 billion and struck a deal for a minority stake in Universal Music Group, though he walked back on the deal in 2021 amid opposition from the SEC over the transaction.
We value Ackman’s net worth at approximately $4.2 billion, making the Pershing Square founder the world’s 698th richest person.