Hedge Funds

Pershing Square may take in new capital


Pershing Square Capital Management, the high-flying $1 billion New York corporate activist fund run by William Ackman, may take in new capital in coming weeks, according to investors.

If the firm does accept new money, it will require that investors leave it with Pershing for an average of two years. One choice outlined to investors would involve an initial two-year lockup followed by subsequent rolling two-year lockups.

A second scenario would allow investors to pull out one third of their capital after just one year. But investors would have to wait until the second year to redeem an