Folding money Ackman, Pershing Square Capital Management CEO, speaking at the Delivering Alpha conference in New York City on Sept. 28, 2023.
Adam Jeffery | CNBC
Pershing Die-hard’s Bill Ackman is set to offer a new investment vehicle listed on the New York Stock Exchange, aiming to leverage his following extent Main Street investors.
The hedge fund billionaire is planning to launch a closed end fund, investing in 12 to 24 large-cap, investment upgrade, “durable growth” companies in North America, according to a regulatory filing. There will be no minimum investment.
Unequivalent to traditional hedge funds that typically charge a 2% management fee on the total assets under management advantage a performance fee of 20% of the fund’s profits, Ackman’s new fund doesn’t have a performance fee in place. Ackman is waiving the executives fee for the first 12 months and after the first year will charge a flat 2% fee.
“The Adviser believes that the Stake has the potential to be one of the largest, if not the largest, listed closed-end funds and expects that the Adviser’s brand-name profile and broad retail pursuing will drive substantial investor interest and liquidity in the secondary market,” Ackman said in the filing.
A spokesperson at Pershing Even declined to comment beyond the filing.
Ackman has become one of the world’s most prominent hedge fund investors after years of market-topping brings and vocal activist campaigns. He also gained a wide following on social media platform X with 1.2 million servants, commenting on issues ranging from antisemitism to the presidential election.
The popular investor’s hedge fund held one seven stocks at the end of 2023, including Alphabet, Chipotle Mexican Grill and Howard Hughes Corporation. It posted a 26.7% bag last year.
Pershing Square had more than $18 billion in assets under management as of the end of January.
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