Ackman aims for new fund

Bill Ackman’s Pershing Square is raising $1 billion for a new, undisclosed activist position in a separate fund, according to a letter to investors. Pershing, which has been raising cash by trimming its Canadian Pacific holdings, is already building the new position and will co-invest alongside the new vehicle. It will announce the holding once it hits the 5 percent reporting threshold, likely in August.