Bill Ackman Is Dangling the Chance of a Quick Buck

Billionaire money manager Bill Ackman is giving away a stake in his firm to investors who support his latest hedge-fund launch. This looks like a good deal. And so it should: If you’re selling a fund in the form of an initial public offering, you have to dangle the prospect of a quick buck.

Ackman is looking to raise $5 billion to $10 billion by selling shares in Pershing Square USA (PSUS), a New York-listed vehicle that will target large, high-quality North American companies. This will be more than just another bland big-cap equity fund. It will take occasional macroeconomic bets, for example via credit derivatives. With large positions and clout, PSUS will likely be able to influence the boardrooms of its portfolio companies without the expense of a takeover.