Hedge fund billionaire Bill Ackman's investment company is preparing a new investment tool that will allow investors to invest in pre-IPO companies and become another company that launches new funds and provides investors with exposure to high-growth startups. Ackman and Ryan Israel, the company's chief investment officer, said in a letter to shareholders on Wednesday that Pershing Square Inc. has begun preparations for the Pershing Square Ventures Ltd. fund. It is an evergreen permanent capital investment instrument, and you can continue to hold shares in the invested company even after listing.

Hedge fund billionaire Bill Ackman's investment company is preparing a new investment tool that will allow investors to invest in pre-IPO companies and become another company that launches new funds and provides investors with exposure to high-growth startups. Ackman and Ryan Israel, the company's chief investment officer, said in a letter to shareholders on Wednesday that Pershing Square Inc. has begun preparations for the Pershing Square Ventures Ltd. fund. It is an evergreen permanent capital investment instrument, and you can continue to hold shares in the invested company even after listing.