Investor Bill Ackman is adding billions to his billions—at least on paper—as the value of his stake in hedge fund Pershing Square surges thanks to a newly increased valuation.
Pershing Square, which Ackman founded two decades ago, is raising $1.05 billion from a funding round valuing the firm at about $10.5 billion. The undisclosed buyers are set to acquire a 10% stake in the firm.
