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  "documentTitle": "Pershing Square Portfolio (multi-position annual update)",
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  "authorName": "Pershing Square Capital Management",
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  "notes": "The slide uses a simple table to demonstrate the liquidity benefit of permanent capital structures.",
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      "text": "Permanent capital significantly reduces percent of AUM available for redemption",
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      "text": "Date, % of Private Funds Redeemable, % of Total AUM Redeemable; 12/31/14, 15.40%, 9.21%; 3/31/15, 15.41%, 9.22%; 6/30/15, 12.22%, 7.31%; 9/30/15, 13.63%, 8.16%; Total, 56.7%, 33.9%",
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