Bloomberg- William Ackman, the activist hedge fund manager, increased his $2 billion bet on Target Corp. as shares of the second-largest U.S. discount retailer declined as much as 38 percent in the past year, according to two people with knowledge of the matter.

Pershing Square Capital Management LP, Ackman’s New York- based firm, added at least $100 million to the hedge fund it started last year to invest in Target. Ackman personally committed $5 million and solicited money from current and new investors, said the people, who declined to be identified because the fund is private.

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