Pershing Square Backs Howard Hughes' Vantage Group Pursuit With $1 Billion Commitment

08:49 AM EST, 12/18/2025 (MT Newswires) -- Pershing Square Holdings (PSH.L) committed to subscribe for Howard Hughes Holdings non-voting exchangeable perpetual preferred stock worth up to $1 billion. The London-listed closed-ended fund's investment, which will be split into 14 equally sized tranches, will help fund Howard Hughes' $2.1 billion cash offer to indirectly acquire reinsurer Vantage Group, according to a Thursday filing. Pershing and related funds own 46.9% of real estate company Howard Hughes' common stock, which would give it ownership of up to 49% of Vantage's common stock if it exchanges its new preferred stock, as approved by a majority of Howard Hughes disinterested directors.