Ackman’s Pershing Square raises $1.05 bln in stake sale ahead of potential IPO

June 3 (Reuters) – Billionaire Bill Ackman’s Pershing Square Capital Management has raised $1.05 billion by selling 10% stake in the hedge fund to a consortium of institutional investors and family offices, it said on Monday.

The sale is a precursor to a potential initial public offering that could happen next year or in 2026. Investors are valuing the firm at $10.5 billion, Reuters reported last week.

Investment firm ICONIQ, specialty insurer Arch Capital Group (ACGL.O), opens new tab, investment bank BTG Pactual, Israeli insurer Menora Mivtachim, investment manager Consulta and an international group of family offices took part in the funding.