Ackman’s Pershing Targets $5 Billion IPO for Closed-End Fund

Group 1 - Bill Ackman aims to raise $5 billion for his US-listed closed-end fund, with $2 billion coming from institutional investors [1] - The IPO of the closed-end fund will coincide with the IPO of Pershing Square Capital Management, offering investors free shares in the firm [2] - The firm plans to give away up to 10% of partners' shares as part of the dual listing, expected as early as Q1 [2][3] Group 2 - More details about the fund and its structure will be revealed in early December during a session for bank analysts [3] - Ackman previously sold a 10% stake in Pershing, valuing it at over $10 billion ahead of the planned IPO, initially expected by late 2025 [3] - Pershing Square's assets are primarily in Pershing Square Holdings Ltd., managing $19.3 billion and generating over 17% return this year [4] Group 3 - Ackman had previously aimed to list a similar fund, Pershing Square USA Ltd., targeting $25 billion but only raised about $2 billion before pulling the listing [5] - The closed-end fund structure posed challenges in raising money due to trading at a discount to underlying investments [5] - The new structure, which includes free shares in the firm, is intended to address these challenges [6]