Bill Ackman must find a sweet spot to tempt both early and later investors | 比尔·阿克曼必须找到吸引早期和后期投资者的甜头 - manbetx20客户端下载
登录×
电子邮件/用户名
密码
记住我
请输入邮箱和密码进行绑定操作:
请输入手机号码,通过短信验证(目前仅支持manbetx3.0 大陆地区的手机号):
请您阅读我们的用户注册协议隐私权保护政策,点击下方按钮即视为您接受。
FT英语电台

Bill Ackman must find a sweet spot to tempt both early and later investors
比尔·阿克曼必须找到吸引早期和后期投资者的甜头

Balance is needed on incentives to ensure Pershing Square USA fund does not struggle after floating
需要平衡激励措施,确保潘兴广场美国基金不会在浮动后陷入困境。
00:00

Bill Ackman is trying to square a difficult circle. To get an initial public offering of his Pershing Square USA fund off the ground, he needs to give early investors a sweetener. But if that comes at the expense of later investors, his new closed-end fund could struggle after it floats.

Ackman’s European-listed fund had strong returns in recent years. But the basket of stocks still traded at a 30 per cent discount. That gap has created a challenge in listing his US vehicle. Anyone interested in Ackman’s acumen would be better off waiting for the US fund to list, trade down from 100 cent of net asset value and buy in later.

Before he withdrew his first tilt at an IPO of Pershing Square USA in July, Ackman was set to buy $500mn of the vehicle’s shares. But he also wanted to earn a 2 per cent management fee. As he now tries to resurrect the flotation, his solution is to throw in some cookies for those willing to leap first. The puzzle is those goodies would, by definition, come out of the pockets of subsequent investors. 

One new idea from Ackman is granting warrants to IPO investors, the Financial Times reports. These would allow them to purchase further shares in PSUS in the future at a fixed price. The option itself could trade and have positive value on the bet that PSUS would become far more valuable down the road. However, those new shares underlying the warrant would be dilutive for later PSUS shareholders who do not invest in the IPO.

Ackman is also considering as a reward the chance for IPO investors to buy into the eventual flotation of his Pershing Square asset manager, which collects the fees for managing money. Ackman recently sold a stake in that privately at a $10bn valuation — generous for a group that manages right now just around $20bn. Asset management stocks can be highly valued for their steadiness, yet the value of that equity would ultimately depend on what price Ackman is willing to give shares up at.

It is perfectly normal for investors who step up early to take price risk or other risk to be compensated in exchange. Flotations of operating companies typically are priced at a 10 to 15 per cent discount to mooted fair value given it is unknown how an IPO will trade. The trick is always to find the sweet spot between attracting both front-end and back-end investors. Ackman will have to work hard to find that balance.

版权声明:本文版权归manbetx20客户端下载 所有,未经允许任何单位或个人不得转载,复制或以任何其他方式使用本文全部或部分,侵权必究。

反对派领袖:叙利亚盟友倒台后,委内瑞拉军方可能抛弃马杜罗

委内瑞拉反对派领袖玛莉亚•科里纳•马查多认为,军方首领担心会遭遇与阿萨德军方同样的命运。

欧洲科技企业家:尽管美国占据主导地位,但欧洲仍可在AI领域获胜

欧洲最成功的科技企业家之一赞斯特罗姆表示,不是每家公司都必须研发出大型语言模型,欧洲企业可以基于美国的AI平台开发应用。

Lex专栏:特鲁多退出为2025年加拿大元奠定了黯淡基调

政治不稳定和美国关税的前景,可能会让加元继续走低。

美国股市是否已经进入泡沫区域?

估值可能有泡沫,但似乎并不疯狂。

比特币矿工囤积比特币以度过利润紧缩期

随着资源竞争加剧,美国上市集团向投资者筹集资金。
1天前
万博客户端下载官网

万博客户端下载官网

政治战争导致银行在满足欧盟客户要求的同时退出与气候相关的联盟。
设置字号×
最小
较小
默认
较大
最大
分享×