Saturday, 27 August 2016
Last updated 8 hours ago
May 29 2014 | 1:10pm ET
Pershing Square Capital Management is seeking up to $3 billion for a publicly-listed hedge fund vehicle.
The New York-based firm, which currently manages $13 billion, plans to list its offshore vehicle, Pershing Square Holdings, on the London Stock Exchange as a closed-end fund. PSH currently has $2.6 billion in assets; the firm plans to list it when the figure reaches at least $4 billion, The New York Times reports.
Pershing Square founder William Ackman first announced plans for a listed fund two years ago. Nothing came of that effort, and the current plans—including timing and venue—could change, according to the Times.
Still, a listing could come as soon as this summer.
Ackman was in London late last month to pitch the plan to European investors. He hopes to raise between $1 billion and $3 billion for the fund, which would be similar to permanent capital vehicles run by Brevan Howard Asset Management and Third Point.