Billionaire Bill Ackman is courting small-scale US investors.
His investment firm Pershing Square Capital Management plans to start a new fund called Pershing Square USA for retail investors, which would trade on the New York Stock Exchange, according to a regulatory filing Wednesday. The fund, with the ticker PSUS, will invest in one- to two-dozen large, undervalued companies in North America.
Pershing Square’s “brand-name profile and broad retail following will drive substantial investor interest,” according to the filing.
The structure mirrors a $14 billion fund already listed on European stock exchanges, called Pershing Square Holdings, which returned 27% in 2023.
Pershing Square’s new push comes during an active stretch for Ackman, who is the fund’s founder and chief executive. He rose to fame as an activist in high-profile campaigns, including a years-long losing bet against nutrition company Herbalife Ltd.
Ackman’s showboating has been on display in recent months as he spouted fiery takes on a range of topics to his 1.2 million followers on X, formerly Twitter. He used the platform to deride Harvard University’s Claudine Gay — the school’s first Black president — leading up to her departure, rail against diversity and inclusion practices on college campuses, and spar with Business Insider after the news outlet published a story alleging plagiarism in his wife’s doctoral thesis for the Massachusetts Institute of Technology.
This article was provided by Bloomberg News.