According to Bloomberg, 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 approximately $5 billion, which is at the lower end of the previous target range of $10 billion.
This amount includes $2.8 billion from a private placement disclosed to the U.S. Securities and Exchange Commission. About 85% of this issuance has been subscribed by institutional investors, with the book-building process scheduled to close at 4 PM New York time on Monday and pricing set for April 28. Pershing Square USA will charge a 2% management fee and will not take performance fees, while Pershing Square will have its voting rights controlled by Ackman and the core management team.
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