Billionaire investor Bill Ackman is selling a 10% stake in Pershing Square and aiming to eventually take his investment firm public.
The firm is raising $1.05 billion in a funding round, implying a valuation of $10.5 billion, with investors including institutional and family offices preferring to remain anonymous.
Ackman has risen to prominence through market-topping returns and vocal activist campaigns, amassing 1.2 million followers on social media platform X.
Bill Ackman sells a 10% stake in Pershing Square, aims to take the firm public; plans a closed-end fund for durable growth.
Earlier this year, he announced plans for a publicly traded closed-end fund focusing on large-cap, investment-grade, “durable growth” companies in North America, leveraging his popularity among Main Street investors.
Pershing Square, which had $18.6 billion in assets under management as of April, primarily operates through Pershing Square Holdings, a closed-end fund trading on European exchanges.
Ackman, serving as CEO, named Ryan Israel chief investment officer two years ago, indicating a potential successor. His hedge fund’s portfolio, including Alphabet, Chipotle Mexican Grill, and Hilton Hotels, posted a 26.7% gain last year.
Ackman’s decision to move away from activist short selling, notably against Herbalife, marks a shift in his investment strategy.
