Bill Ackman's Next Berkshire? Inside His $1B Bet on Howard Hughes and Vantage Insurance
Khac Phu Nguyen
Thu, December 18, 2025 at 12:00 PM EST
1 min read
In this article:
This article first appeared on GuruFocus.
Pershing Square Holdings said it plans to invest up to $1 billion in Howard Hughes Holdings Inc. (NYSE:HHH) as the company moves forward with its agreed acquisition of specialty insurer Vantage Group Holdings, a transaction that could further reshape the business. The hedge fund will purchase non-voting preferred shares issued by Howard Hughes, according to a statement, while the company separately said it is buying Vantage for about $2.1 billion. The move reinforces Pershing Square's role as Howard Hughes' largest shareholder and signals continued backing for its evolving strategy.
Bill Ackman (Trades, Portfolio) has been pushing Howard Hughes beyond its roots as a real estate operator centered on master-planned communities and other properties, with the aim of building a diversified holding company holding controlling stakes in public and private businesses. He has compared this ambition to Berkshire Hathaway, pointing to the potential role of insurance operations in supplying low-cost capital that could support future investments. In Howard Hughes' statement, Ackman said the acquisition of Vantage represents a milestone in this broader transformation, suggesting the deal could be an important step in that long-term vision.
Founded in 2020, Vantage began with $1 billion of equity capital from Carlyle Group and Hellman & Friedman and was led by industry veterans including current chief executive Greg Hendrick and the late Dinos Iordanou. Carlyle and Hellman & Friedman later committed up to an additional $200 million in a subsequent funding round. Howard Hughes said the acquisition will be financed through a combination of its cash on hand and Pershing Square's stock subscription, with completion expected in the second quarter of 2026.
View Comments