Pershing Square

Bill AckmanIt’s a burden, really. Read more »

  • 23 Oct 2014 at 4:48 PM

Bill Ackman Is Onto You!

"This guy back stage knows what I'm talking about"The interview began at 2 p.m., and [Jim] Grant went straight after the elephant in the room — the Valeant-Allergan deal. “May I call you Bill, or do you prefer ‘Alpha’?” Grant asked playfully before launching into a series of questions. Before we go any further into this story, you should know that short-seller Jim Chanos, CEO of Kynikos Associates, was sitting in the crowd. Chanos is famously short Valeant. He says it is an accounting rollup that lacks organic growth. Ackman knew Chanos was in the crowd, because during the lunch lecture (about 20 minutes before Ackman’s interview), Chanos asked a question in front of everyone present. Now, back to Ackman’s interview. As Grant asked the same questions about Valeant-Allergan that critics have been asking for months — “Does the company actually make money?” “Does Valeant overpay for its acquisitions?” “Doesn’t it need to spend money on R&D?” — Ackman started to bristle a bit. Suddenly, he turned toward Grant. “Are you short because your daughter is working for Jim Chanos?” he asked pointedly. [BI]

Hedge fund mogul Bill Ackman has raised a record $2.7 billion for his hedge fund IPO that will start trading on the Amsterdam stock exchange later this month. Ackman set out to raise $2 billion, but the deal’s underwriters told their clients Tuesday night that the IPO was oversubscribed and to expect the size of their orders to be scaled back. The offering is expected to hit $3.07 billion, once the “green shoe” overallotment of 10 percent is exercised. Pershing Square Holdings — the offshore fund that is going public on Oct. 13 — will start with $6.2 billion, the largest such IPO ever…The IPO will give him more firepower to take on activist campaigns because Pershing Square’s permanent capital will be equal to almost half its total. [NYP]

Pershing Square Sans 2 and 20

Bill Ackman’s not especially reticent about talking up his investments. Now, with his planned fund IPO, he’s going to be legally obligated to be even less reticent. Which means that, if you’re like Carl Icahn and think Bill’s a pretty smart guy every now and again, and don’t mind sifting through what floods into your inbox with a “Bill Ackman” Google News alert, and were so inclined for some reason (the 30% return this year being a good one, we suppose) to mimic his every move, you can have something approximating the Bill Ackman portfolio without having to give Bill Ackman a dime. You’re welcome. Read more »

  • 15 Sep 2014 at 3:13 PM

Break Yourself Off A Piece Of Bill Ackman Today

Hedge-fund manager William Ackman aims to raise $2 billion through the initial public offering of one of his funds on Euronext Amsterdam in a move that will provide it with steady capital. Pershing Square Holdings Ltd. said Monday that it plans to float on the Amsterdam stock exchange for $25 a share, giving it a market capitalization of at least $5 billion…The IPO comes as activist investors are embarking on a drive to take advantage of their increasing clout in boardrooms and above-average hedge-fund returns. Mr. Ackman hopes that the IPO will provide him with more permanent capital. [WSJ]

Come people: wake up! Read more »

UBS, Deutsche Bank Join Team Ackman

Bill Ackman has been talking about freeing himself from the vagaries of investors always asking for their money back at the most inopportune times for years now. Sure, that permanent-capital IPO didn’t happen in late 2011, but this time, Bill is serious. Read more »