Prominent hedge fund leader is selling a stake to investors as a precursor to a public listing
Hedge fund billionaire Bill Ackman is planning an initial public offering for his investment firm Pershing Square Capital Management as soon as next year, the Wall Street Journal reported on Friday, citing people familiar with the matter.
As a precursor to a public listing, Ackman is selling a stake in Pershing Square to investors in a funding round expected to value the firm at around $10.5 billion, the report said, adding the deal is expected to close in coming days. Pershing had $18 billion in assets in February. British hedge fund Man Group has $175.7 billion under management and a market capitalization of roughly $4 billion.
The offerings could quickly make the new fund popular on Wall Street, where high fees and regulatory hurdles discourage some investors from choosing hedge funds.
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