Ackman surpasses fundraising target with $3bn from investors

Michael Bow
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Bill Ackman started his career in the early 1990s at a firm called Gotham Partners
PERSHING Square, the hedge fund run by activist investor Bill Ackman, yesterday smashed its fundraising target for a new listed company after raising over $3bn (£1.85bn) from more than 30 different investors.

Ackman, 48, raised $2.7bn for the vehicle, Pershing Square Holdings, having originally intending to sell $2bn worth of shares.

An additional private placement of $212.5m and $129m, raised from management, took the total to $3.07bn.

“The completion of the offering of Pershing Square Holdings is a seminal event in the history of the firm,” Ackman said.

Ackman is one of Wall Street’s best known activist investors, having tangled with everyone from Herbalife to JC Penney. He is currently taking on the board of Allergan, calling on them to accept a takeover offer from Valeant.

The Pershing vehicle will list on the Euronext Amsterdam exchange and start trading on 13 October having snubbed a listing on the London Stock Exchange due to its more onerous voting rights requirements. The cash raised will be used to fund further Pershing deals in the US.

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