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Ackman, who runs $18 billion Pershing Square
Capital Management, told investors on Thursday he plans to make
his biggest ever commitment to an outside hedge fund.
"He is worth a very close look," Ackman said at his firm's
annual investor dinner at the New York Public Library on
Thursday, according to a person who attended the event.
He also said his personal investment in Clearfield would be the
largest he has made in any hedge fund, apart from his own,
according to the source. He did not disclose the amount.
Ackman's hedge fund was ranked among last year's best performers
with a 38 percent return.
Clearfield, a special situations hedge fund that will focus on
long/short equity and event-driven investments, will be run by
Philip Hilal, a veteran of big hedge fund Kingdon Capital, and
expects to begin trading in the first half of 2015.
Hilal is the latest in a string of seasoned investment managers
to leave established firms to start the next generation of hedge
funds at a time when pension funds and other institutional
investors look to find new star managers.
Ackman has put his personal money with only three other hedge
funds, all start-ups, but this will mark the first time he is
locking up his money for five years.
Ackman and Hilal have known each other for more than two decades
and Ackman said he tried to hire Hilal to work at Pershing
Square Capital Management years ago. "(Philip Hilal) has had an
excellent career in the investment world," Ackman told
investors.
A year ago Hilal pitched Energy Transfer Equity LP as his best
idea at an industry conference, forecasting its price should
climb 50 percent. It hit the target within four months.
(Editing by Jeffrey Benkoe)
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