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Bill Ackman is considering launching an IPO of a new fund to raise as much as $3bn in permanent capital for investments, the FT says. The activist investor, whose hedge fund Pershing Square has $10bn under management, laid out his desire for a reliable source of capital in a letter sent to investors on May 25. Finalternatives adds that the Ackman is currently in talks with investors about a closed-end permanent capital vehicle, although nothing has been finalized. The activist firm could list a fund by the end of this year, although an early 2012 listing is also possible. DealBook notes that so-called ‘sticky money’ or permanent capital has become a hedge fund obsession in recent years. Read more
Bill Ackman cannot be pleased. Target’s shareholders on Thursday voted to re-elect its four incumbet directors, defeating the fiery hedge fund manager’s proxy contest to achieve five seats on the retailer’s board.
Ackman, whose Pershing Square Capital has a 7.8 per cent stake in Target, launched the proxy contest in March after Target rejected his proposal to spin off its land holdings into a REIT. Read more