File photo of Bill Ackman of Pershing Square Capital Management.Pawel Dwulit/The Canadian Press
Pershing Square Holdings Ltd., one of the funds managed by activist investor Bill Ackman, has raised $2.7-billion in an initial public offering in Amsterdam.
The company increased the size of its sale from $2-billion to $2.7-billion, according to a statement today. The total amount of capital raised is $3.07-billion, giving the fund a market capitalization of $6.2-billion when shares start trading.
Pershing Square Capital Management LP, with about $14-billion under management, is following hedge funds including Brevan Howard Asset Management LLP and Third Point LLC in selling shares of individual funds. The IPO comes on the heels of a buoyant quarter globally for share sales, with companies raising amounts not seen since 2011 – even excluding the record-breaking sale of Alibaba Group Holding Ltd.
Deutsche Bank AG and UBS AG managed the IPO.