Reported 12 months ago
Pershing Square USA, managed by billionaire Bill Ackman, plans to offer shares at $50 each in its initial public offering in New York. The new investment portfolio will mimic Ackman's existing European-listed hedge fund, offering lower fees and quicker access to capital. The fund, investing in undervalued North American companies, will charge a flat 2% management fee. Ackman's Pershing Square Capital Management raised $1.05 billion recently, with $500 million anchoring Pershing Square USA, intending to launch future funds.
Source: YAHOO