Cash boost: the price of justice
Nomadic titan: Berggruen at a separate fundraiser with actress Lisa Lovbrand
11 April 2012
A cash shell backed by financial titans including "homeless billionaire" Nicolas Berggruen has raised £900 million to fund a major acquisition worth up to £7 billion following strong support from investors.
Berggruen, long-term business partner Martin Franklin and hedge fund boss William Ackman, have put up around a third of the cash in British Virgin Islands-listed Justice. Sources said Justice had a "very strong response" from investors, raising more than the £700 million planned.
Justice will target all types of business. Berggruen acquired his nickname through his penchant for living in hotels.
