Bill Ackman is advancing a plan to transform Howard Hughes Holdings (HHH) from a real estate developer into a diversified investment holding company modeled on Berkshire Hathaway. The company plans to direct up to $3 billion of excess cash flow to its insurance unit, Vantage. The investment is expected to take place over the next five years.
Howard Hughes will use cash generated by its real estate operations to build Vantage’s investment portfolio. HHH acquired Vantage, a specialty insurance and reinsurance company, in June 2026.
Pershing Square will manage Vantage’s portfolio without charging a fee. The strategy is to invest insurance float in stocks and compound value for shareholders over the long term.