Bill Ackman’s Pershing Square Targets Raising $25 Billion for US Fund
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Bill Ackman’s Pershing Square aims to raise $25 billion for a new closed-end fund expected to draw interest from US retail investors, which would more than double the fee-paying assets the firm manages, according to people with direct knowledge of the plans.
The vehicle, known as Pershing Square USA Ltd., has filed plans to list on the New York Stock Exchange, and will significantly amplify the management company’s revenue ahead of a potential initial public offering, said the people, who asked not to be identified because no target has been made public. For the US closed-end fund, Pershing plans to charge a 2% management fee, which would be waived for the first 12 months, and no incentive fee, filings show.