From CNBC: 2024-07-26 18:18:59

Billionaire investor Bill Ackman delays the listing of Pershing Square’s U.S. closed-end fund on the NYSE, seeking to raise $2.5 to $4 billion, far less than the initial $25 billion target. The fund’s pricing date remains unannounced as Ackman aims for a premium trading value post IPO.

Pershing Square clarifies the delay in the IPO, emphasizing its intention to proceed with the listing. Ackman’s $18.7 billion assets under management include Pershing Square Holdings, looking to mimic its success with a closed-end fund in the U.S. stock market.

Ackman’s move to publicly list his fund aims to attract Main Street investors after building a social media following. The fund is expected to invest in large-cap, “durable growth” companies, catering to investors seeking a long-term approach. Ackman highlights the advantages of managing permanent capital over traditional hedge funds.

Read more: Bill Ackman’s IPO of Pershing Square closed-end fund is postponed, NYSE says