Ackman’s Pershing Square USA Pulls IPO After Slashing Target
- Fund was set to raise $2 billion, below $25 billion target
- Billionaire-backed fund had expected to price offering Aug. 5
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Billionaire Bill Ackman’s Pershing Square has withdrawn an initial public offering for a US closed-end fund, after sharply downsizing a $25 billion fundraising target and facing difficult questions from investors.
Pershing Square USA Ltd. will reevaluate its structure based on investor feedback, Ackman wrote in a statement Wednesday. “We will report back once we are ready to launch a revised transaction,” Ackman wrote.