New York-based hedge fund firm Pershing Square Capital is looking to raise at $1 billion to bet on an undisclosed company.
Pershing founder and CEO Bill Ackman is asking investors in a three-page letter obtained by Reuters to commit at least $1 billion by July 17 toward two new co-investment funds. Ackman also said in the letter that the firm is unable to name the target company “because of confidentiality considerations.”
An undisclosed institutional investor has already agreed to commit $200 million.
This is Pershing Square’s largest investment since its $1 billion short bet against nutritional supplements company Herbalife last year.
Pershing Square manages approximately $12 billion in assets.