Ackman To Take Pershing’s Offshore Fund Public [REPORT]

For a manager, one of the big appeals of running a hedge fund is that clients can’t move money in and out as easily as with a mutual fund, so you only have to worry about how outflows will affect your strategy during certain windows. But with hedge funds and activist investing both on the upswing, Pershing Square Capital Management founder Bill Ackman wants even more freedom. A possible London IPO for Pershing Square Holdings (the $2.6 billion offshore fund) would reportedly raise as much as $3 billion in capital, giving Ackman a war chest that’s not susceptible to withdraws from…