Bill Ackman, hedge fund manager and CEO of Pershing Square Capital Management has joined the ranks of the world’s wealthiest individuals thanks to a $1.05 billion investment in his firm. This investment, representing 10% of Pershing Square, values Ackman’s stake at over $3.5 billion, propelling his net worth to $8 billion. A spokesperson for Pershing Square did not comment on the development.
At 58, Ackman makes his debut on the list of the 500 richest people globally. His net worth now surpasses those of well-known financiers such as Jon Gray, George Soros, and Todd Boehly. This valuation also positions Pershing Square, with its 41 employees and approximately $14 billion in managed assets, as one of the most expensive asset managers globally. For comparison, Schroders, with nearly 6,400 employees managing almost $1 trillion, has a similar enterprise value of $9.6 billion. The investment in Pershing Square reflects investor confidence that the firm’s assets could grow to around $45 billion through new fundraising efforts.
Pershing Square’s high valuation surpasses that of notable hedge funds such as Renaissance Technologies’ Medallion Fund, Israel Englander’s Millennium Management, and Paul Singer’s Elliott Management. It is just shy of Ray Dalio’s Bridgewater Associates, valued at $14 billion based on a stake owned by the Teacher Retirement System of Texas as of June last year, when Bridgewater managed around $97 billion.
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