Bill Ackman’s Pershing Square, under his firm, is planning an IPO to raise about $5 billion

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ME News, April 27 (UTC+8): Bill Ackman’s closed-end fund Pershing Square USA (PSUS) and alternative asset manager Pershing Square (PS) are in the midst of their initial public offering, expected to raise a combined total of about $5 billion, at the low end of the previously targeted $10 billion range. The amount includes $2.8 billion of private placements already disclosed to the U.S. SEC. About 85% of this offering has been subscribed by institutional investors. Bookbuilding is scheduled to end at 4:00 p.m. New York time on Monday, and the deal is expected to be priced on April 28. Pershing Square USA will charge a 2% management fee and no performance fee, while Pershing Square’s voting rights are controlled by Ackman and the core management team. (Source: ODAILY)
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