Billionaire hedge fund manager Bill Ackman is bouncing back from a failed IPO for Howard Hughes real estate company Pershing Square USA and is eyeing a deal to take the company private. This is shown in regulatory filings.
The document, which is published on the Securities and Exchange Commission’s website, is called a Schedule 13D and is used to provide transparency to the public and investors about ownership changes.
Pershing Square, a Harvard-educated billionaire, is currently the largest shareholder in the Texas-based development company, also known as HHH, with a 38% stake, records show.
The company may buy back the remaining shares and delist from the New York Stock Exchange in the future, according to the filing.
His Pershing Square Capital Management said in a filing that it had hired Jefferies investment bank to advise on the potential deal.
The company said it “may engage in discussions with one or more potential co-investors regarding a valuation and potential alternatives, including a potential privatization.”
The document also said such talks are expected to be “conducted in confidence.”
Howard Hughes was involved in the renovation of South Street Seaport in downtown Manhattan and also helped develop several luxury properties across the country.
A spokesman for Pershing Square said the real estate company never comments on the actions or intentions of individual shareholders.
The Washington Post has reached out to a Jefferies spokesman for comment.
Ackman stepped down as chairman of Howard Hughes in April and was replaced by Pershing Square partner Ben Hakim.
Pershing said at the time that it “intends to remain a significant, long-term shareholder in HHH.”
His plan, first reported by the Financial Times early Wednesday morning, was announced after a major setback for activist investors who back Donald Trump.
Ackman was forced to pull out of an IPO for his Pershing Square closed-end fund after he slashed his initial fundraising target to $2 billion from $25 billion.
Howard Hughes was spun out of shopping-mall operator General Growth Properties in 2009 following its bankruptcy and has since embarked on a string of multimillion-dollar projects.
The company spun off its entertainment division, which includes the Seaport District and the Las Vegas Aviators baseball team, in July.
Ackman has not yet provided details about whether or when he might revive his IPO plans.
“We remain focused on our investment strategy and seek opportunities to create value for our investors,” Pershing Square Capital Management said at the time.
A prolific investor with a large social media following, Ackman is one of the best-known figures in the hedge fund industry. He frequently uses his X account to voice his opinions on a range of topics from political infighting to higher education.
Earlier this year, he led a campaign to criticize his alma mater, Harvard University, following a furor over alleged conduct related to anti-Semitism, plagiarism and poor financial management.
