Home Hedge Funds Billionaire Bill Ackman to open NYSE-listed fund for regular investors

Billionaire Bill Ackman to open NYSE-listed fund for regular investors

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Bill Ackman, Pershing Square Capital Management CEO, speaking at the Delivering Alpha conference in New York City on Sept. 28, 2023.

Adam Jeffery | CNBC

Pershing Square’s Bill Ackman is set to offer a new investment vehicle listed on the New York Stock Exchange, aiming to leverage his following among Main Street investors.

The hedge fund billionaire is planning to launch a closed end fund, investing in 12 to 24 large-cap, investment grade, “durable growth” companies in North America, according to a regulatory filing. There will be no minimum investment.

Unlike traditional hedge funds that typically charge a 2% management fee on the total assets under management plus a performance fee of 20% of the fund’s profits, Ackman’s new fund doesn’t have a performance fee in place. Ackman is waiving the management fee for the first 12 months and after the first year will charge a flat 2% fee.

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