[Billionaire Ackman's Pershing to Launch First Venture Capital Fund, Betting on Pre-IPO Companies] According to Bloomberg, billionaire hedge fund manager Bill Ackman's investment firm is preparing a new investment vehicle that will allow investors to invest in companies before their initial public offerings (IPOs). This makes it another firm launching a new fund to provide investors with exposure to high-growth startups. Ackman and the company's Chief Investment Officer Ryan Israel stated in a letter to shareholders on Wednesday that Pershing Square Inc. has initiated preparations for the Pershing Square Ventures Ltd. fund. This is an evergreen permanent capital investment vehicle that can continue to hold shares of invested companies even after they go public. According to the letter, Pershing Square has recently completed several investments in private companies, which will form the initial portfolio of the new fund.