Bill Ackman, who is in the middle of an IPO roadshow, said Warren Buffett was his inspiration for Pershing Square.
Pershing Square's Bill Ackman , who is in the middle of a roadshow to take one of his funds public, said Warren Buffett was the inspiration for the way he built and developed his 20-year-old hedge fund management company. In a virtual presentation to pitch his closed-end vehicle Pershing Square USA Ltd., the billionaire investor recalled discovering Buffett's writing in his early 20s and learning from the unusual career path of the "Oracle of Omaha.
The 58-year-old Ackman has mostly achieved that goal with almost 90% of Pershing's assets now in a permanent capital format . Pershing Square had $18.7 billion in assets under management at the end of June. Most of its capital is in Pershing Square Holdings, a $15 billion closed-end fund that trades in Europe. Ackman is now seeking to offer a similar closed-end fund listed on the New York Stock Exchange, a move that could pave the way for an IPO of his management company.
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