February 22, 2024

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Billionaire Bill Ackman intends to open a fund listed on the New York Stock Exchange for ordinary investors

Billionaire Bill Ackman intends to open a fund listed on the New York Stock Exchange for ordinary investors

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.