Reported about 1 year ago
Bill Ackman’s Pershing Square has set the IPO price of its US closed-end vehicle at $50 per share, seeking to raise $25 billion from retail investors. The fund, Pershing Square USA Ltd., with no specified number of shares to be sold yet, is aiming to become the largest closed-end fund in the country, trading at a premium to its net asset value. The fund plans to charge a 2% management fee, waivable for the first 12 months, and no incentive fee. Citigroup, UBS, Bank of America, and Jefferies Financial are leading the offering, with the fund to be listed on the NYSE under symbol PSUS.
Source: YAHOO