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  • September 2015 (Revised September 2017)
  • Case
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Pershing Square 2.0

By: Robin Greenwood, Samuel Hanson and David Biery
  • Format:Print
  • | Language:English
  • | Pages:25
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Abstract

In June 2015 William A. Ackman, the CEO and founder of New York hedge fund Pershing Square Capital, reflects on the success of the fund he has spent over a decade building. Since its inception in 2004, Pershing Square's assets under management had grown from $500 million to well over $18 billion. Ackman is now considering a sizable new portfolio position and must decide how he should raise capital to undertake this new investment. This choice is affected by the recent launch of his new, $6 billion closed-end vehicle, Pershing Square Holdings, as well as the firm's lengthening investment horizon. Although always activist in nature, Ackman and his fund had in recent years become substantively involved in the management of portfolio companies, often working to drive shareholder value by improving operating performance.

Keywords

Activism; Value Investing; Portfolio Management; Management; Investment Portfolio; Investment Activism

Citation

Greenwood, Robin, Samuel Hanson, and David Biery. "Pershing Square 2.0." Harvard Business School Case 216-003, September 2015. (Revised September 2017.)
  • Educators

About The Authors

Robin Greenwood

Finance
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Samuel G. Hanson

Finance
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Related Work

    • December 2018 (Revised February 2019)
    • Faculty Research

    Pershing Square 2.0

    By: Samuel G. Hanson
    • September 2015 (Revised September 2017)
    • Faculty Research

    Pershing Square 2.0

    By: Robin Greenwood, Samuel Hanson and David Biery
Related Work
  • Pershing Square 2.0 By: Samuel G. Hanson
  • Pershing Square 2.0 By: Robin Greenwood, Samuel Hanson and David Biery
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