Pershing Square Plans $5 Billion IPO

Pershing Square USA, a closed-end fund under Bill Ackman, along with alternative asset management company Pershing Square, is preparing for an initial public offering (IPO) aiming to raise approximately $5 billion. According to ChainCatcher, this amount is at the lower end of their previous target range of $10 billion. The total includes a $2.8 billion private placement already disclosed to the U.S. Securities and Exchange Commission. Approximately 85% of the offering has been subscribed by institutional investors. The book-building process is set to close at 4 p.m. New York time on Monday, with pricing scheduled for April 28. Pershing Square USA will charge a 2% management fee without performance fees, while voting rights at Pershing Square are controlled by Ackman and the core management team.