Bill Ackman's firm is raising $1.05 billion in a funding round, worth 10% of his management company Pershing Square, according to a source familiar with the matter.
The hedge fund manager is eyeing an initial public offering in the U.S. down the road but he hasn't hired bankers or started that process officially yet, the source said. Billionaire investor Bill Ackman is selling a 10% stake of Pershing Square, aiming to eventually take his investment firm public.Ackman's firm is raising $1.05 billion in a funding round, worth 10% of the management company and implying a valuation of $10.5 billion, according to a source familiar with the matter. Investors on the deal are institutional and family offices who prefer to remain anonymous, the source said.
Two years ago, Ackman named Ryan Israel chief investment officer — his first time appointing someone else to run the day-to-day investing for the firm. Ackman serves as CEO, with ultimate control over decision making, although has said thatPershing Square had $18.6 billion in total assets under management as of the end of April. Most of its capital is in Pershing Square Holdings, a closed-end fund that trades on European stock exchanges.
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