Pershing Square, led by Bill Ackman, plans to raise approximately $5 billion through an IPO

Odaily Planet Daily News: Bill Ackman’s closed-end fund Pershing Square USA (PSUS) and alternative asset management firm Pershing Square (PS) are conducting an initial public offering, with an expected total raise of approximately $5 billion, at the lower end of the previous $10 billion target range. This amount includes $2.8 billion in private placements disclosed to the U.S. Securities and Exchange Commission. About 85% of this issuance has been subscribed by institutional investors, with the book closing at 4 p.m. New York time on Monday, and pricing scheduled for April 28. Pershing Square USA will charge a 2% management fee and no performance fee, while Pershing Square is controlled by Ackman and the core management team in terms of voting rights.