Pershing Square boss Bill Ackman is planning to raise $1.05bn from the sale of a 10% stake in his hedge fund firm, giving it a valuation of about $10.05bn, with an eventual IPO, perhaps as early as 2025, being the ultimate goal, according to a report by the Financial Times.
The report cites an unnamed source in revealing that the new valuation would almost double Ackman’s net worth – on paper at least – adding around $4bn to his current fortune, which is valued at around $4.3bn, according to Forbes.
Should Pershing Square, which has about $16.3bn in assets under management, go public, it would join Man Group as one of the few hedge funds listed on public markets.
Ackman, who made his name as an activist investor, taking stakes in companies including retailer JCPenney and Canadian Pacific Railway, and then aggressively pushing for change, owns Pershing Square along with 17 other partners in the firm.
As well as adding billions to Ackman’s bet worth, the new valuation would also make chief investment officer Ryan Israel a billionaire, according to the FT’s source.
