Pershing Square USA is the prominent hedge fund manager’s first new investment vehicle in a decade
Hedge fund manager Bill Ackman said on Tuesday that is his new portfolio in the United States will raise roughly $2 billion in capital, a fraction of the $25 billion the billionaire investor had initially expected to bring in.
Banks including Citigroup Global Markets, UBS Securities, BofA Securities and Jefferies have been granted an option to purchase an additional 6 million shares at the IPO price. The 45-day option, if exercised, would add $300 million more for the fund. Ackman’s firm Pershing Square Capital Management put $500 million into its new U.S.-listed investment holding company, the hedge fund manager said in a presentation earlier this month.
That amount of cash would have more than doubled the $19 billion in assets Ackman already oversees, increasing the pressure to find new winning investments to continue his strong performance track record. The Securities and Exchange Commission had to review the letter which created a delay of roughly one week for the offering to start trading.
The fund has said it will acquire and hold positions in 12 to 15 large capitalization, investment grade, free-cash-flow-generative undervalued companies in North America.
Fund Capital Interest Option Investment Ackman Offering Pershing Square Capital Management Bill Ackman Jefferies
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