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BILL ACKMAN’S PERSHING SQUARE IPO WILL BE MASSIVE...Billionaire Bill Ackman’s initial public offering for Pershing Square USA Ltd. is projected to raise approximately $5B as the fund reaches the low end of its targeted range.Institutional investors have covered about 85% of the offering, which includes a previously disclosed $2.8B private placement confirmed in recent SEC filings.The IPO structure provides investors with shares in the closed-end fund alongside stakes in the management entity, Pershing Squar ...