Hedge fund Pershing Square, run by Bill Ackman, is exploring an initial public offering as early as Q1, the Financial Times reported Friday, citing people briefed on the matter.

The firm started discussions with advisers and informed some investors, though the plan is preliminary and may be delayed depending on market conditions, the report said.

Pershing Square sold a 10% stake last year at a valuation more than $10 billion and manages over $15 billion through its closed-end fund, the report said.

Pershing Square did not immediately respond to a request for comment from MT Newswires.

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