Ex-Pershing Exec Hilal Starting New Hedge Fund

Oct 7 2016 | 11:52pm ET

Former Pershing Square Capital Management partner Paul Hilal is reportedly prepping a new hedge fund that is widely expected to follow an activist strategy.

Formation of the new fund, named Mantle Ridge LP, was disclosed in a regulatory filing, according to a Reuters article earlier this week. Hilal, who was Bill Ackman’s roommate at Harvard and began consulting for Pershing Square in 2006 before joining full time in 2007, was a senior executive at Pershing and instrumental in the firm’s ultimately successful proxy fight at Canadian Pacific. Hilal left Pershing, as well as CP’s board, in January.

The exact strategy that Mantle Ridge will pursue was not disclosed in the filing, although many observers thought Hilal would start his own activist fund once out on his own. Ackman wrote about Hilal’s plan in his Q4/15 investor letter, saying, “Paul is now ready to do his own thing and I expect him to be a great success.”

Further details about Mantle Ridge, such as assets under management or launch date were not available. 

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