Bill Ackman going Dutch for listing on Amster­dam’s Euronext exchange

 
Michael Bow
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Bill Ackman has led high profile activist campaigns
Top hedge fund investor Bill Ackman has snubbed London in favour of Amsterdam to list his new $5bn (£3.1bn) investment vehicle.

Ackman, who runs one of America’s most active investors Pershing Square Capital, will list the fund on Amster­dam’s Euronext exchange after mulling a variety of places across Europe, including London.

The fund, Pershing Square Holdings (PSH), will issues shares at $25 each in a bid to raise $2bn. It already has about $2.9bn of additional cash invested in assets.

The firm said it had re­ceiv­ed $1.5bn of backing from 30 cornerstone investors. Persh­ing is using UBS and Deutsche Bank to raise the cash from investors.

Ackman called the listing a “transformational” ev­ent. “We expect that the public listing of PSH will substantially enhance the stability of our capital base, en­abling us to invest a greater percentage of our assets in activist commitments on a long‐term basis, and improving our ability to take advantage of market dislocations when they arise.”

Ackman joins other alternative in­vestors, such as KKR, which have also listed funds in Amsterdam.

Pershing Square, which was founded by Ackman in 2003, is a high profile activist investor and buys stakes in companies and tries to push for operational or strategic change.

Ackman led a long campaign against nutritional supplement Herbalife and has recently pushed for the sale of botox maker Allergan to Valeant Pharma­ceuticals.

Ackman is raising the new fund to maintain a pool of liquidity and protect against the threat of customers pulling cash from his fund, which would cut off potential capital to invest.

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