February 9, 2009 / 2:59 AM / 10 years ago

Ackman to allow investors to withdraw from Target fund-WSJ

NEW YORK, Feb 8 (Reuters) - Hedge fund manager William Ackman will allow investors to withdraw completely from his fund that bets exclusively on retailer Target Corp. (TGT.N) after that fund fell sharply in January, the Wall Street Journal reported on Sunday.

Ackman had initially said investors would only be able to withdraw 15 percent of their money, according to the Journal.

Ackman told investors last week the fund, Pershing Square IV, lost about 40 percent in January. It has now lost nearly all of the $2 billion that Ackman raised in 2007.

Reuters reported on Friday that Ackman waived management and incentive fees for PSIV and said he will commit $25 million of his own money to the fund. [ID:nN06477174] (Reporting by Michael Erman; Editing by Anshuman Daga)

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