Bill Ackman Bets on US Closed-End Fund Despite Lean Years for Sector
- Pershing Square USA to raise $25 billion from investors
- About three quarters of closed-end funds trade at a discount
Bill Ackman
Photographer: Patrick T. Fallon/BloombergThis article is for subscribers only.
Bill Ackman is used to long, difficult activist campaigns. Convincing investors to put about $25 billion into a US closed-end fund of his own could be another uphill battle.
The 58-year-old billionaire hedge fund manager told institutional investors in briefings ahead of Pershing Square USA Ltd.’s planned initial public offering that he would use his 1.3 million followers on social network X, formerly Twitter, to communicate his ideas, according to people familiar with the matter.