Pershing Square is looking to raise public market money in a different way- debt.
Bill Ackman’s $20 billion Pershing announced the launch of senior notes Monday, the New York Post reports. The exact amount of the debt hasn’t been disclosed, but it could reach $1 billion, sources say.
Ackman seems to be looking at future targets to nail with the proceeds from the debt. At the end of 2014, Pershing raised $3 billion by taking a fund public on the Amsterdam Stock Exchange.
Citadel, which is diving further into stock picking this year, issued $500 million in notes in 2006, becoming the first hedge fund to raise debt in the public markets.
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