From Quartz.
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Bill Ackman’s Pershing Square filed for an unconventional IPO linking a closed-end fund to hedge fund equity, a structure intended to raise capital while maintaining control.
The Pershing Square IPO pairs shares of Pershing Square USA Ltd. with equity in the hedge fund itself. For every 100 closed-end fund shares at $50, investors receive 20 hedge fund shares, with early institutional buyers receiving 30.
Ackman is targeting $5–$10 billion, with $2.8 billion committed. A 2024 plan for a $25 billion NYSE closed-end fund collapsed.
If completed, the vehicle would keep Ackman’s majority control and provide a liquid public company for acquisitions, amid a cautious 2026 IPO window and peers like SpaceX and OpenAI exploring listings. #ipo #hedgefund #billackman #investment #finance
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