Reported 4 months ago
Bill Ackman's Pershing Square is aiming to raise $25 billion for a new closed-end fund in the US, which is expected to attract interest from retail investors. The fund, known as Pershing Square USA Ltd., has filed plans to list on the New York Stock Exchange and is projected to significantly increase the firm's revenue. This move comes after Pershing Square obtained a valuation of $10.5 billion in a stake sale and already manages a European closed-end fund with around $15 billion in assets. The new US fund may also attract institutional investors like BlackRock Inc., with Pershing planning to waive management fees for the first year.
Source: YAHOO