Not to put too fine a point on it, but Bill Ackman’s at something of a low ebb. After the annus horribilis of 2016, the Pershing Square Capital Management founder needed things to start going right, big time, just as soon as the ball dropped, if possible. It wasn’t: Sure, 2017 opened not-so-bad—the were even a couple of mysterious big winners—but it quickly took a turn for the worse, and then a rather sharp turn for the even worse, before becoming slightly sad, and then really sad. And that was before the former vice president of the United States called him an asshole and threatened to punch him, and he sold some restaurant stock, and not that of his favorite burrito joint once again making people sick, but of the fast-food burger giant whose stock is still soaring. In short, this is not the 2017 Bill Ackman mapped out on the back of his divorce papers over the lonely holidays.
When life repeatedly insists on kicking you, and then bludgeoning you with a fence post, and then curb-stomping you, all the while laughing at your misery, it’s time for a fresh start. Drop everything, move to a new town where nobody knows you or your mangled face, rebuild. Or, if you’re Bill Ackman, launch a couple of new hedge funds that aren’t so far below their high-water mark you’ll never see a performance fee again, and hope for the best.
The New York-based hedge fund didn’t disclose the total amount it wants to raise and provided few other details in the regulatory filing with the U.S. Securities and Exchange Commission. The funds are called Pershing Square VI LP and Pershing Square VI International LP. The international vehicle is asking for a minimum investment of $100,000 from each participant.