(Reuters) – Billionaire investor Nelson Peltz is seeking to raise $1.5 billion for a fund meant to buy minority stakes in public companies, Bloomberg said on Monday, citing two people with direct knowledge of his plans.
Peltz, 68, who oversees New York-based hedge-fund firm Trian Fund Management LP, is marketing the investment pool as a private equity fund because client money will be locked up for longer than with most hedge funds, the unidentified sources said.
Trian filed with Delaware to incorporate the fund, called Trian Partners Strategic Investment Fund LP, along with the general partnership that would run it on Jan 8, the report said, citing one of the sources.
The fund has already secured $433 million in commitments, one of the sources said. It is targeting sovereign wealth and pension funds, family offices and funds of funds, the report said.
Officials at Trian could not immediately be reached by Reuters for comment. (Reporting by Ransdell Pierson)