From CNBC:

Bill Ackman of Pershing Square Capital Management plans to launch a new investment vehicle listed on the NYSE, targeting Main Street investors. The closed-end fund will invest in 12-24 large-cap, investment grade North American companies with no minimum investment. Ackman will waive the management fee for the first 12 months and charge a flat 2% fee after that.

The fund’s potential to become one of the largest listed closed-end funds is expected to attract substantial investor interest and liquidity in the secondary market. Ackman’s hedge fund held only seven stocks at the end of 2023 and posted a 26.7% gain last year, with more than $18 billion in assets under management as of January.

Known for market-topping returns and vocal activist campaigns, Ackman also gained a wide following on social media with 1.2 million followers. Pershing Square had more than $18 billion in assets under management as of January. The new fund will not have a performance fee and will leverage Ackman’s brand-name profile and broad retail following to drive investor interest and liquidity.



Read more: Billionaire Bill Ackman to open NYSE-listed fund for regular investors