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Ackman readies Pershing Square venture fund for pre-IPO access
Pershing Square Ventures Ltd is planned as an evergreen vehicle that can keep holdings after companies list, with a target launch in autumn or by year end.
Bill Ackman’s Pershing Square is preparing to launch a new investment vehicle aimed at giving investors exposure to privately held companies before they reach public markets, extending the firm beyond its traditional concentrated public-equity approach, according to Hedgeweek, citing Bloomberg.
The vehicle, Pershing Square Ventures Ltd, is structured as an evergreen, permanent-capital fund designed to continue holding investments after portfolio companies go public. Pershing Square and chief investment officer Ryan Israel said the firm has already begun building the portfolio, with several private investments held on Pershing Square’s balance sheet expected to become initial assets, and some deals from Ackman’s family office also expected to be transferred into the vehicle.
Ackman said the fund is intended to address a growing access problem for ordinary investors, since by the time some top technology companies enter public markets, valuations can already be exceptionally high. The fund will target privately held businesses across a range of sizes, from companies valued at several hundred million dollars to “decacorns” valued at more than $10 billion.
Pershing Square plans to seek regulatory approval from the US Securities and Exchange Commission, with a launch targeted for this autumn or by the end of the year. Hedgeweek also noted the initiative comes after Pershing Square USA began trading as a closed-end fund in April, and after Pershing Square completed a stock market listing.