Billionaire investor Ackman is planning IPO of Pershing Square, WSJ reports

(Reuters) – Hedge fund billionaire Bill Ackman is planning an initial public offering for his investment firm Pershing Square Capital Management as soon as next year, the Wall Street Journal reported on Friday.

As a precursor to a public listing, Ackman is selling a stake in Pershing Square to investors in a funding round expected to value the firm at around $10.5 billion, the report said, citing people familiar with the matter.

The deal is expected to close in the coming days, the report added.

Pershing Square did not immediately respond to a Reuters request for comment.