Bill Ackman's Pershing Square sets US closed-end fund's IPO price at $50 per share, aiming to raise up to $25bn.
Bill Ackman's Pershing Square sets US closed-end vehicle's IPO price at $50 per share, with the aim of raising up to $25bn from retail investors. Pershing Square USA, the largest US closed-end fund, will mirror Ackman's existing Europe-listed hedge fund but with lower fees and quicker access to capital. The fund plans to invest in 12 to 15 large, undervalued North American companies, charging a flat 2% management fee, waived for the first year.
June 28, 2024
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