Hedge Fund Manager Bill Ackman Launches $1 Billion Bond to Take on Big Target.
Bill Ackman’s Pershing Square is raising more money in the public markets — but this time it’s debt.
The hedge fund on Monday announced the launch of senior notes.
While it did not say how large the offering was, sources said it was about $1 billion — though jitters in Europe about Greece had raised uncertainty about the amount.
The bond offering comes just eight months after the activist investor raised $3 billion by taking one of his funds public on the Amsterdam Stock Exchange.
Ackman plans to use the debt proceeds to help the fund take on a big target, according to an individual who was on a conference call for potential investors earlier this month.
Citadel was the first hedge fund to raise debt in the public markets, issuing $500 million in notes in 2006.