Bill Ackman, Pershing Square Capital Management CEO, speaking at the Delivering Alpha conference in New York City on Sept. 28, 2023.
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.
Ackman is waiving the management fee for the first 12 months and after the first year will charge a flat 2% fee.
Ackman has become one of the world's most prominent hedge fund investors after years of market-topping returns and vocal activist campaigns.
The popular investor's hedge fund held only seven stocks at the end of 2023, including Alphabet , Chipotle Mexican Grill and Howard Hughes Corporation.
Persons:
Bill Ackman, Pershing, Ackman
Organizations:
Pershing, Capital Management, Delivering Alpha, New York Stock Exchange, Grill, Howard Hughes Corporation, CNBC PRO
Locations:
New York City, North America