Ackman's Pershing Square plans $2 billion Amsterdam fund listing

By Reuters

Sep 15, 2014 10:52 AM EDT

Pershing Square Holdings, a fund managed by activist investor Bill Ackman, hopes to raise $2 billion from a listing on the Euronext Amsterdam stock exchange, the company said in a statement on Monday.

The company expects the fund to have a market capitalization of at least $5 billion after the share offering, which will be priced at $25 a share.

New York hedge fund manager Ackman, famed for aggressive moves including a $1 billion bet against US nutrition firm Herbalife, is currently engaged in a battle to broker a sale of Botox maker Allergan (AGN.N) to Valeant Pharmaceuticals(VRX.TO).

Pershing Square Holdings said it had already received commitments worth $1.5 billion from 30 cornerstone investors. It currently has more than 300 investors.

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.

Reuters reported earlier this month that UBS (UBSN.VX) and Deutsche Bank (DBKGn.DE) were to run the listing. Credit Suisse (CSGN.VX) is acting as joint bookrunner, the firm said.

Pershing Square Holdings gained 31.2 percent during the first eight months of 2014, according to an investor with the fund, making it one of the industry's best performing funds of the year. It expects to be admitted for trading on Oct. 13.

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