Pershing Square Capital Management
|Headquarters||888 7th Avenue, NYC|
|Total assets||$13.2 billion (2013)|
Pershing Square Capital Management is an activist hedge fund founded and run by Bill Ackman located at 888 7th Avenue in New York. Ackman is known to occasionally hire people outside of traditional finance backgrounds; for instance, his professionals have included a former fly fishing guide, a former tennis pro and "a man whom he met in a cab." However, most of the firm's investment professionals come from The Blackstone Group and Goldman Sachs, and earned undergraduate degrees at Wharton School of the University of Pennsylvania and Harvard.
In 2005, Pershing bought a significant share in the fast food chain, Wendy's International and successfully pressured them to sell its Tim Horton's doughnut chain. Wendy's spun off Tim Horton through an IPO in 2006 and raised $670 million for Wendy's investors. After Ackman sold his shares at a substantial profit after a dispute over executive succession, the stock price collapsed, raising criticism that the sale of Wendy's fastest growing unit left the company in a weaker market position. Ackman blamed the poor performance on their new CEO.
In December 2007, his funds owned a 10% stake in Target Corporation, valued at $4.2 billion through the purchase of stock and derivatives. His funds now own a 7.8% stake. In December 2010, his funds held a 38% stake in Borders Group and on December 6, 2010, Ackman indicated he would finance a buyout of Barnes & Noble for US$900M.
In July 2012, Ackman acknowledged to CNBC that he had acquired shares in Procter & Gamble worth approximately $1.8 billion, a 1% stake in the company, with the idea of taking an activist role within the corporation.
On January 9, 2009, the fund disclosed 7.4% ownership stake in General Growth Properties (GGP) according to the 13D that was filed with the SEC, becoming the second-largest shareholder behind Brookfield Asset Management. The fund was betting on the company to go bankrupt in a way that would leave its shareholders intact. In November 2010 Pershing Square helped the company emerge from Chapter 11 bankruptcy protection  As of August 2012 the fund holds beneficial ownership of 7.7 percent of General Growth's stock.
- Pershing Square Capital Management Proposes Restructuring of Fannie Mae and Freddie Mac
- Markus Krebsz (15 June 2011). Securitisation and Structured Finance Post Credit Crunch: A Best Practice Deal Lifecycle Guide. John Wiley and Sons. pp. 83–. ISBN 978-0-470-71391-4. Retrieved 2 August 2011.
- Joseph A. McCahery; Erik P. M. Vermeulen (19 November 2010). Corporate Governance of Non-Listed Companies. Oxford University Press US. pp. 178–. ISBN 978-0-19-959638-6. Retrieved 2 August 2011.
- Philip Coggan (9 November 2010). Guide to Hedge Funds: What They Are, What They Do, Their Risks, Their Advantages. John Wiley and Sons. pp. 49–. ISBN 978-0-470-92655-0. Retrieved 2 August 2011.
- David Stowell (16 February 2010). An Introduction to Investment Banks, Hedge Funds, and Private Equity: The New Paradigm. Academic Press. pp. 49–. ISBN 978-0-12-374503-3. Retrieved 2 August 2011.
- "From Hedge Funds to to Bonefishing," Forbes, July 16, 2012
- Minneapolis Star Tribune: "William Ackman - Targeting Target" by CHRIS SERRES January 13, 2008
- "Ackman Boosts Target State".
- Ackman's Target Campaign Is Off-Target, Barrons, May 25, 2009
- "Ackman loses in Target proxy contest".
- Jarzemsky, Matt. "UPDATE: Ackman Offers To Finance Borders Buyout Of Barnes & Noble" The Wall Street Journal, December 6, 2010.
- http://www.marketfolly.com/2009/01/pershing-square-bill-ackman-files-13d.html Pershing Square (Bill Ackman) Files 13D on General Growth Properties (GGP)
- http://seekingalpha.com/article/825531-pershing-square-urges-shareholders-to-consider-sale-of-general-growth-properties Pershing Square Urges Shareholders To Consider Sale Of General Growth Properties