Pershing Square Capital Management - Investor Profile

Primary Address:

Investor Information:

888 Seventh AvenueTotal AUM ($MM):5,800
29th FloorEquity AUM ($MM):3,318
New York, NY 10019Investment Style:Deep Value
United StatesOrientation:Shareholder Activist
Phone: 212-813-3700 Investor Type:Hedge Fund Manager
Fax: 212-813-3700

Institutional Investor Background

Pershing Square Capital Management is a deep value and activist-oriented hedge fund manager that was founded in 2003 by President and managing partner Bill Ackman. The firm was founded with backing by WMAC Investments, a subsidiary of holding company Leucadia Corporation (NYSE: LUK). Prior to establishing Pershing Square, Mr. Ackman co-founded hedge fund Gotham Partners L.P.

Pershing Square Capital's hedge funds include the Pershing Square L.P., Pershing Square II L.P, Pershing Square International Ltd, and Pershing Square IV L.P. Pershing Square IV was launched in 2007 with the sole purpose of investing in Target Corp (NYSE: TGT), which Mr. Ackman has led an extensive shareholder activist battle against. Beyond Target Corp., Pershing Square has also led notable activist battles against Ceridian Corp., McDonald's, Visa, and Wendy's.

Investor Regional and/or Country Focus: North America

Founders and Key Executives of Pershing Square Capital Management: William 'Bill' Ackman; Nicholas Botta; Roy J. Katzovicz; Scott Ferguson*

Entities related to Pershing Square Capital Management: Leucadia Corporation (NYSE: LUK); Pershing Square IV; Pershing Square LP; Pershing Square Capital

Relevant Firms***: Marcato Capital Management; Sachem Head Capital Management

*Denotes that the person or entity is no longer related to the firm. **If you would like to submit investor updates, please click here. ***Relevant firms may include firms where founders previously worked, funds that were spun-off from the firm, funds that were seeded by the firm and/or unrelated firms that were founded by veterans of the fund. For specific details, please review the Investor Background sections for each firm of interest.

Pershing Square Capital Management's Top 10 Equity Holdings

Company (Ticker) ($MM) Shares Change % Out
Canadian Pacific Railway Limited (U.S.A) (CP) 2,147.48 24,159,888 0 14.26
Procter & Gamble Co (PG) 2,147.48 27,946,892 0 1.01
General Growth Properties Inc (GGP) 1,485.71 74,733,712 0 7.92
Beam Inc (BEAM) 1,322.81 20,818,545 0 13.48
Justice Delaware Holdco Inc. (BKW) 732.91 38,372,120 10,760 10.96
JC Penney Co Inc (JCP) 590.44 39,075,771 0 17.82
Howard Hughes Corp (HHC) 299.04 3,568,017 0 9.40
Mondelez International Inc (MDLZ) 183.02 5,978,956 5,978,956 0.34
Matson Inc (MATX) 74.64 3,033,985 -610,963 7.28

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Articles Related to Pershing Square Capital Management

Shareholder Activist Week in Review

Date: June 1st, 2009
With proxy season in full throttle this past week, many of the most heated shareholder activist battles experienced major developments. The biggest activist...

Target Defeats Ackman, All 4 Board Incumbents Re-Elected

Date: May 29th, 2009
The Target Corporation (TGT) announced yesterday that a preliminary tally of votes suggest that investors have comfortably re-elected all four of the...

Ackman's Proxy Fight Is Right on Target

Date: May 28th, 2009
The much-anticipated annual meeting of retailer Target (TGT) is Thursday and large shareholder Bill Ackman of Pershing Square has been in a long-running...

Farallon Loans Bankrupt General Growth Properties $400 Million

Date: May 14th, 2009
Reuters reports that a federal court yesterday approved a $400 million debtor-in-possession (DIP) loan from hedge fund Farallon Capital Management to...

Target Criticizes Ackman’s Board Nominees

Date: May 14th, 2009
Target Corp (TGT) is going on the offensive against activist investor Bill Ackman’s slate of director nominees. In a letter and presentation to shareholders...

Pershing Squares’ Bill Ackman Preaches his Target Agenda

Date: May 13th, 2009
On Monday, Bill Ackman of Pershing Square presented to fellow shareholders of Target Corp make his case for bringing new blood to the retailer’s board...

Bill Ackman Touts His Target Board Nominees

Date: April 22nd, 2009
Activist investor Bill Ackman of Pershing Square sent another letter to Target shareholders in support of his slate of Board nominees yesterday. In the...

Ackman Gets Wish, General Growth Files for Chapter 11

Date: April 17th, 2009
General Growth Properties Inc (GGP) voluntarily filed for chapter 11 bankruptcy today. Bill Ackman's Pershing Square Capital Management, a top shareholder,...

S&P Not a Fan of Ackman’s Proxy Contest Against Target

Date: March 26th, 2009
The New York Times reported that Standard & Poor’s said that it’s “closely monitoring” Bill Ackman of Pershing Square’s proxy context with Target....

Target Responds Bill Ackman

Date: March 18th, 2009
In a press release on Monday, Target Corporation responded to activist investor Bill Ackman of Pershing Square’s slate of five nominees for Target’s...

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