Pershing Square’s Bill Ackman is set to offer a new investment vehicle listed on the New York Stock Exchange, aiming to leverage his following among Main Street investors.
The hedge fund billionaire is planning to launch a closed end fund, investing in 12 to 24 large-cap, investment grade, “durable growth” companies in North America, according to a regulatory filing. There will be no minimum investment.
Unlike traditional hedge funds that typically charge a 2% management fee on the total assets under management plus 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 management fee for the first 12 months and after the first year will charge a flat 2% fee.
“The Adviser believes that the Fund 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 following will drive substantial investor interest and liquidity in the secondary market,” Ackman said in the filing.
A spokesperson at Pershing Square declined to comment beyond the filing.
Ackman has become one of the world’s most prominent hedge fund investors after years of market-topping returns and vocal activist campaigns. He also gained a wide following on social media platform X with 1.2 million followers, commenting on issues ranging from antisemitism to the presidential election.
Pershing Square had more than $18 billion in assets under management as of the end of January.
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