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Investor Bill Ackman is adding billions to his billions\u2014at least on paper\u2014as the value of his stake in hedge fund Pershing Square surges thanks to a newly increased valuation.\u00a0<\/p>\n
Pershing Square, which Ackman founded two decades ago, is raising $1.05 billion<\/a> 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.\u00a0<\/p>\n Meanwhile, the Wall Street Journal<\/em><\/a> reported that Pershing, which has about $16.3 billion in assets under management, is set to go public as early as 2025, which a person familiar with the matter confirmed to Fortune<\/em>. But before then, its CEO, Ackman, will see a big boost to his net worth.<\/p>\n Ackman is believed to own nearly half of Pershing Square, and his net worth is valued at $4.3 billion, according to Forbes<\/em>. The current Pershing funding round will boost this by more than $4 billion, the Financial Times<\/em> reported<\/a> citing a person familiar with the matter. This means that Ackman\u2019s fortune could climb to at least $8.3 billion.\u00a0<\/p>\n The increased valuation would also make Pershing\u2019s chief investment officer Ryan Israel a newly minted billionaire on paper, the FT <\/em>reported.<\/p>\n The reported multibillion-dollar boost would propel Ackman up the list of the world\u2019s richest people, putting him above notable executives such as Block\u2019s Jack Dorsey, MicroStrategy\u2019s Michael Saylor, and former Uber<\/a> CEO Travis Kalanick, according to Forbes estimates. For now, Ackman is the 738th richest person<\/a> in the world, according to the outlet.<\/p>\n Among hedge fund managers, Ackman is also one of the highest paid. Despite making few changes to the portfolio of stocks Pershing manages for clients, Ackman brought home $610 million last year, Bloomberg reported<\/a>.\u00a0<\/p>\n After gaining notoriety in the financial world as an activist investor in the early 2000s, Ackman stepped into the limelight during a five-year failed battle against supplements company Herbalife. Ackman pivoted Pershing two years ago to investing in bigger companies such as Chipotle<\/a> and Alphabet<\/a>.\u00a0<\/p>\n Recently, Ackman has also attracted attention for his lengthy social media posts and pointed comments about antisemitism on college campuses and his anti-DEI tirades<\/a>. When former president Donald Trump was convicted on 34 felony counts Thursday, the 58-year-old implied in a tweet that he agreed with right wing Florida Gov. Ron DeSantis that the legal proceedings against Trump were politically biased<\/a>. Trump was convicted unanimously on all the counts against him by 12 jurors<\/a> in New York state court.<\/p>\n<\/div>\nSubscribe to the CFO Daily newsletter to keep up with the trends, issues, and executives shaping corporate finance. Sign up<\/a> for free.<\/div>\n<\/div>\n