Deutsche Bank, UBS Tapped To Run Pershing Square IPO

Sep 4 2014 | 7:46am ET

Pershing Square Capital Management is moving forward with plans to hold an initial public offering for a permanent capital vehicle later this year.

The activist hedge fund has hired Deutsche Bank and UBS to handle the listing on the London Stock Exchange. A road-show for Pershing Square Holdings could being within a few weeks, Reuters reports.

The IPO for the closed-end fund—which currently manages US$3 billion of Pershing Square’s US$15 billion in assets—is expected by the end of the year. Pershing Square hopes to raise at least US$1 billion in new capital.

Pershing Square Holdings is up a whopping 31% this year.

William Ackman, the founder of the New York-based firm, told clients last month that the threat of redemptions prevented Pershing Square from being fully invested. The hedge fund has been mulling a permanent-capital IPO for about three years.


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