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Billionaire investor Bill Ackman, one of the world’s most well-known hedge-fund managers, plans to open an investment fund targeting individual U.S. investors.

In a Wednesday filing with the Securities and Exchange Commission, Ackman’s firm, Pershing Square Capital Management, said the majority of the closed-end fund’s portfolio would be invested in 12 to 24 core holdings in “large-capitalization, investment grade, free-cash-flow-generative North American durable growth companies.”

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