On November 22, 2024 Bill Ackman’s Pershing Square Capital Management has acquired a $2.6-billion stake in Toronto-based Brookfield Corp., owning 32.7 million shares (2.2% of the company) as of September 30, 2024. Brookfield, managing over $1 trillion in critical infrastructure assets, is seen by Ackman as undervalued compared to peers like KKR and Apollo.

Since April 2024, Brookfield’s stock has risen 40%, with Ackman predicting shares could double by 2028 due to fee-related earnings growth and potential inclusion in the S&P 500 index. Brookfield recently moved its asset management headquarters to New York to improve stock liquidity and attract U.S. institutional investors.