Pershing Square

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]

  • 30 Sep 2014 at 4:38 PM

SEC Charges Guy With Being Very Bad Roommate

10. Leaves dishes in the sink.
9. Fills DVR with Diners, Drive Ins and Dives and “Save All Episodes” option
8. Brings back strange men he/she met on the corner 5 minutes earlier.
7. Is late with the rent.
6. Eats your food.
5. Leaves Post-it notes on the bathroom mirror that read “Should I deduct $0.75 from your portion of the rent for the shampoo you used this morning?”
4. Repeatedly asks you if your girlfriend is single.
3. Invites the cast of Stomp over for a nightcap when you’ve got a big presentation in the morning.
2. Tells your mother she looks great and asks if she’s had work done since she last visited.
1. Trades on material non-public information you mentioned in passing and in confidence. Read more »

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 »

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 »

Bill Ackman’s Magical Year Continues

By no means has everything gone right for the Pershing Square Capital Management chief in 2014. His whole Herbalife-destroying performance actually lost him money, for one. But it’s pretty much the only thing that has lost him money this year. Sure, Allergan told him to piss off. But then the courts told Allergan to piss off itself and told Bill they’d be happy to hear what he had to say when he wanted to say it. Oh yea and he’s still way up on that whole mess, anyway. And just when he got to suing the government for refusing to do what he wants with Fannie Mae and Freddie Mac (and then suing them again), Burger King decided to buy a Canadian icon for tax purposes, making him a whole bunch more money. So, yea, Bill’s feeling pretty good right now. Read more »

Wait! Bill Ackman Has Something Else To Say!

Between suing the government for taking all of the profits from two companies that it began taking all of the profits from more than a year before he bought 10% of each of them, and Friday morning, the Pershing Square Capital Management chief had another brilliant idea, and decided to sue the government again. Read more »