Bill Ackman's Pershing Square Plans IPO to Raise Approximately $5 Billion

Odaily Planet Daily News Bill Ackman's closed-end fund Pershing Square USA (PSUS) and alternative asset management company Pershing Square (PS) are conducting an initial public offering, expected to raise a total of approximately $5 billion, at the lower end of the previously targeted $10 billion range. This amount includes $2.8 billion in private placements already disclosed to the U.S. Securities and Exchange Commission. Approximately 85% of the offering has been subscribed by institutional investors. The bookbuilding is scheduled to close at 4:00 PM New York time on Monday, with pricing on April 28. Pershing Square USA will charge a 2% management fee with no performance fee, while voting control of Pershing Square is held by Ackman and core management.