Bill Ackman, CEO of Pershing Square Capital Management, speaks at the Delivery Alpha conference in New York City on September 28, 2023.
Adam Jeffrey | CNBC
Pershing Square's Bill Ackman is set to introduce a new investment vehicle listed on the New York Stock Exchange, aiming to increase his following among Main Street investors.
Billionaire hedge fund billionaire plans to launch Closed end boxinvesting in 12 to 24 large-cap, investment grade, “perpetual growth” companies in North America, according to Regulatory filing. There will be no minimum investment.
Unlike traditional hedge funds that typically charge a 2% management fee on total assets under management plus a 20% performance fee of the fund's profits, Ackman's new fund has no performance fees in place. Akman waives management fees for the first 12 months and after the first year will charge a flat 2% fee.
“The Advisor believes the Fund has the potential to be one of the largest, if not the largest, listed closed-end funds, and expects the Advisor's brand profile and broad retail following will attract significant investor interest and secondary liquidity,” Ackman said in the filing. market”.
A Pershing Square spokesman declined to comment beyond the request.
Ackman has become one of the world's most prominent hedge fund investors after years of market-topping returns and vocal activist campaigns. He has also gained a wide following on the social media platform X with 1.2 million followers, and has commented on issues ranging from anti-Semitism to the presidential election.
The famous investor's hedge fund held just seven stocks at the end of 2023, including Alphabet, Chipotle Mexican Grill and Howard Hughes Corporation. It achieved gains of 26.7% last year.
Pershing Square had more than $18 billion in assets under management as of the end of January.
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