Bill Ackman said his new U.S. listed fund, Pershing Square USA, will be dramatically smaller than the $25 billion people initially said he could raise...
- Bill Ackman said his new U.S. listed fund, Pershing Square USA, will be dramatically smaller than the $25 billion people initially said he could raise, citing investors' general nervousness about the structure and how to invest the cash.
Now the billionaire investor, who oversees $19 billion in assets at his New York-headquartered firm Pershing Square Capital Management, is prepared to take in far less new capital. But he is urging investors to commit while there is still time. Investors have grown wary of closed-end funds which are traded on exchanges but do not issue or redeem new shares and can trade at a premium or discount to the securities they hold. Last year no new closed-end funds were launched after only six were launched in 2022, Investment Company Institute data show.
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