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Ackman's Pershing Square raises $3 billion in fund listing
October 1, 2014 / 10:15 AM / 3 years ago

Ackman's Pershing Square raises $3 billion in fund listing

LONDON (Reuters) - Pershing Square Holdings, a fund managed by activist investor Bill Ackman, raised $3.07 billion ahead of a stock market listing in Amsterdam, the company said on Wednesday.

William Ackman, founder and CEO of hedge fund Pershing Square Capital Management, speaks to the audience in New York, July 22, 2014. REUTERS/Eduardo Munoz

The fund boosts the firepower of billionaire Ackman, famed for aggressive moves such as a $1 billion bet against U.S. nutrition firm Herbalife and a battle to broker a sale of Botox maker Allergan to Valeant Pharmaceuticals.

The fund raised $2.73 billion through an initial public offering and said the exercise of an over-allotment option would see the value of the placing rise to more than $3 billion.

The fund was priced at $25 a share, giving it a market capitalization of $6.2 billion, the company said in a statement.

Pershing Square Holdings’ shares will start trading on Euronext Amsterdam on Oct. 13.

The fund is run by Pershing Square Capital Management, a North America-focused equities investment manager founded by Ackman in 2003 which had $14.1 billion in assets under management at the end of June.

Reporting by Francesco Canepa and Nishant Kumar; editing by David Clarke

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