Thursday, June 20, 2024

Billionaire investor Ackman is planning IPO of Pershing Square, WSJ reports By Reuters

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(Reuters) -Hedge fund billionaire Bill Ackman is planning an initial public offering for his investment firm Pershing Square Capital Management as soon as next year, the Wall Street Journal reported on Friday, citing people familiar with the matter.

As a precursor to a public listing, Ackman is selling a stake in Pershing Square to investors in a funding round expected to value the firm at around $10.5 billion, the report said, adding the deal is expected to close in the coming days.

A booming stock market and economic resilience have spurred many companies to list their shares and take advantage of the recovering U.S. IPO market.

Social media company Reddit and Chinese electric vehicle maker Zeekr received strong responses to their stock flotations earlier this year.

Pershing Square did not immediately respond to a Reuters request for comment.

The company, which manages $18 billion in assets and has a publicly listed fund in Europe, returned 26.7% last year, beating the broader stock market gains and bouncing back from a loss in 2022.

Earlier in the year, Ackman launched a new investment portfolio in the United States that will mimic his existing hedge fund, but offer lower fees and quicker access to capital.

The offerings could quickly make the new fund popular on Wall Street where high fees and regulatory hurdles discourage some investors from choosing hedge funds.

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