Pershing Square Backs Howard Hughes $2.1 Billion Vantage Bid

Core Viewpoint - Pershing Square Holdings Ltd. plans to invest up to $1 billion in Howard Hughes Holdings Inc. to support its acquisition of Vantage Group Holdings Ltd. for approximately $2.1 billion, marking a strategic shift for Howard Hughes towards becoming a diversified holding company [1][3]. Group 1: Investment Details - Pershing Square will purchase non-voting preferred shares from Howard Hughes as part of the investment [1]. - The acquisition of Vantage will be financed through a combination of Howard Hughes' cash reserves and Pershing's stock subscription, with completion expected in the second quarter of 2026 [4]. Group 2: Vantage Group Holdings - Vantage Group Holdings has a portfolio valued at roughly $2.8 billion, with 90% of its invested assets in fixed-income products as of September [2]. - The firm was founded in 2020 with an initial equity capital of $1 billion from Carlyle Group Inc. and Hellman & Friedman, and later secured an additional commitment of up to $200 million from these firms [2]. Group 3: Financial Performance - Vantage reported approximately $1.2 billion in net written premiums over the 12 months ending in September, with 60% attributed to its specialty insurance business and the remainder to reinsurance [3].