Pershing Square announces plans for Pershing Square Ventures

Pershing Square Inc., the parent of Pershing Square Capital Management, said it had begun the process of launching Pershing Square Ventures, Ltd. The proposed evergreen vehicle would provide access to private growth companies before their IPOs and could retain investments after listing. Pershing Square Inc. described intended contributions from its balance-sheet investments and selected investments held by Bill Ackman's family office. The letter did not disclose a completed launch, final fund size or specific fee rates.