The investment vehicle for permanent capital can be structured in many ways - through a listed fund or by using public share offerings, for instance. Bill Ackman of Pershing said: 'Permanent capital is the best protection.' He feels that he has missed the opportunity to make much  higher returns by having to hold such a large proportion of fund in cash. 

No ticking clock

Marco Masotti of Paul, Weiss, Rifkind, Wharton & Garrison said: 'These vehicles are likely to be a meaningful alternative. There is no ticking clock of a finite life and there is always a readily available pool of capital.' Source: Financial Times