Billionaire activist investor Bill Ackman told The Wall Street Journal that he had committed the largest amount of money he had ever allocated to another hedge fund.
Ackman, who runs $18 billion Pershing Square Capital and was the best-performing hedge fund manager in 2014, has invested an undisclosed sum in 38-year-old Phil Hilal's new fund Clearfield Capital Management.
Hilal is the younger brother of Pershing Square Capital partner Paul Hilal, a friend of Ackman's. Ackman told Bloomberg News last fall that Phil Hilal was someone to watch.
Last year, at Ackman's Harbor Investment Conference, Phil Hilal knocked it out of the park with his two investment ideas — Energy Transfer Equity (up 40.47%) and Northstar Realty (up 51.98%).
Phil Hilal previously worked at Kingdon Capital Management, Davidson Kempner Capital Management, and Goldman Sachs. He graduated with a bachelor's degree in economics from Yale. He received his MBA from Harvard.
Clearfield Capital Management is expected to debut in the second quarter of this year. Reuters reported earlier that Clearfield would be a long/short equity and event-driven fund.
NOW WATCH: Why Law School Is A Waste Of Money Unless You Get Into A Top School
See Also:Bill Ackman Has Gained $11.6 Billion For His Investors Since 2004Here's How Some Hedge Funds Are Accidentally Showing Their HandHedge fund and finance gods are spending their weekends doing an intense Navy SEAL training program