Bill Ackman is preparing a dual-offering structure through his firm Pershing Square Capital Management and a new closed-end investment vehicle, Pershing Square USA, according to a report by the Wall Street Journal citing sources familiar with the matter. Under the plan, the management company would list publicly, while the closed-end fund would debut on the New York Stock Exchange with a unique incentive structure: investors in the new vehicle would receive free shares in Pershing Square. Partners of the firm would give away up to 10% of shares in it. The strategy is part of an attempt to increase enthusiasm for the closed-end model, which is now less popular among investors. The move is still in preliminary stages and could collapse, or Ackman could decide to change course.
Silver Lake lawsuit takes aim at hedge fund appraisal arbitrage
Silver Lake has launched a legal challenge against activist investor Carl Icahn that could have wider implications for hedge funds using…
More
New short fund taps Burry as targets US private credit risks
A new short-biased hedge fund has hired Michael Burry as it prepares to target potential weaknesses in private credit, focusing on…
More
Jana presses Fiserv for bigger cost cuts and Palantir tech overhaul
Activist hedge fund Jana Partners is calling on Fiserv to more than double its planned cost savings and adopt technology from Palantir…
More