Tuesday, 21 October 2014
Last updated 11 hours ago
Nov 30 2012 | 12:23pm ET
Investors have backed Pershing Square Capital Management's planned permanent capital vehicle with more than $2 billion in commitments, the New York-based hedge fund said.
More than 120 investors have pledged $2.2 billion for the listed fund, Pershing Square Holdings, the firm wrote to clients. Most of the money will be provided by current Pershing Square investors, who plan to convert some or all of their holdings in Pershing Square funds into shares of PSH, Bloomberg News reports.
The first round of commitments leaves Pershing Square less than $1 billion away from the $3 billion minimum it needs to list on the London Stock Exchange. No date for that initial public offering has been specified.
Earlier this year, Pershing Square said it hoped to raise at least $4 billion for the fund and that it could debut as soon as January.
"Our principal goal in launching PSH was to convert existing capital to an eventual permanent form," William Ackman, founder of the $11 billion hedge fund, wrote. "With more stable capital, we can increase the proportion of our capital in the core active investment strategy which has historically generated much higher returns than our passive holdings."
Ackman said a majority of the early commitments came from U.S. investors, but Pershing Square plans to push hard for more offshore assets, which it hopes will make up a "substantial majority" of PSH investors.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
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