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THE PUBLIC LIFE OF BILL ACKMAN

机译:比尔·阿克曼的公共生活

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For hedge fund manager Bill Ackman, a publicly traded permanent capital vehicle must have been eminently desirable. And as of last month, when Pershing Square Holdings went public on the Euronext Amsterdam, Ackman has one.It is clear why retail investors and others might want a piece of the Ackman mojo: His New York-based Pershing Square limited partnership has delivered an annualized return of more than 20 percent since its 2004 inception.What is less clear, however, is whether the IPO, which raised roughly $2.7 billion, is good news for investors in the activist manager's existing hedge fund vehicles, which had $9.9 billion in assets as of June 30, mostly in Pershing Square, Pershing Square II and the offshore Pershing Square International.If Pershing Square investors want to redeem, it will take them two years to get all their money back. In the meantime, according to the terms of the IPO prospectus, they could end up effectively subsidizing the lower-fee-paying investors in Pershing Square Holdings.
机译:对于对冲基金经理比尔·阿克曼(Bill Ackman)来说,公开交易的永久资本工具一定是非常理想的。截至上个月,当Pershing Square Holdings在阿姆斯特丹泛欧交易所公开上市时,Ackman拥有了一个。很明显,为什么散户投资者和其他人可能想要Ackman mojo的一部分:他在纽约的Pershing Square有限合伙制已经实现了自2004年成立以来的年化回报率超过20%,但尚不清楚的是,此次公开募股是否筹集了约27亿美元,对维权经理现有对冲基金工具的投资者而言是个好消息,该工具资产达99亿美元截至6月30日,主要是在潘兴广场,潘兴广场II和离岸的潘兴广场国际。如果潘兴广场的投资者想要赎回,他们将需要两年时间才能收回全部资金。同时,根据IPO招股说明书的条款,他们最终可以有效补贴Pershing Square Holdings的低收费投资者。

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