Tireless activist investor Bill Ackman of Pershing Square Capital Management announced that he is proposing an initial public offering on the London Stock Exchange to be carried out by UBS and Deutsche Bank. The IPO is expected to take place before the end of the year.
In a letter to investors, Ackman said, “Because we are an active, control and influence-oriented investor, we have avoided being fully invested because of the risk of the risk of investor redemptions. We will hopefully begin to address this issue with the initial public offering of Pershing Square Holdings targeted for later this year, which will increase the amount of our capital that is permanent.”
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Pershing Square has nearly $3 billion assets under management, and has seen 32.3% gross returns this year. Ackman could raise an estimated $1 billion on the IPO.