Ackman investors to convert $2.2 bln into permanent capital

Hedge fund manager William Ackman moved one step closer to getting permanent capital for his Pershing Square funds when more than 120 investors committed to convert $2.2 billion of their investments into stakes in Pershing Square Holdings when it goes public, Reuters tells us.

"Our principal goal in launching Pershing Square Holdings, Ltd was to convert existing capital to an eventual permanent form," Ackman wrote in a letter to investors. "We are off to a good start," he added….

Ackman allegedly currently oversees roughly $11 billion in assets….

Find out more at http://www.reuters.com/article/2012/11/29/hedgefunds-ackman-capital-idUSL1E8MT00I20121129