Bill Ackman seeking to raise $2 billion in Pershing Square fund IPO, lower than original expectations

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Bill Ackman seeking to raise $2 billion in Pershing Square fund IPO, lower than original expectations

Bill Ackman, Pershing Square Capital Management CEO, speaking at the Delivering Alpha conference in NYC on Sept. 28th, 2023.

Adam Jeffery | CNBC

Hedge fund manager Bill Ackman is looking to

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in the initial public offering of Pershing Square USA, with 40 million shares priced at $50.

The firm will also give its underwriters the option to purchase up to 6 million additional shares, according to an announcement from the firm.

The Pershing Square USA IPO will be in the form of a closed-end fund, and is expected to hold many of the same positions as Ackman’s other vehicles. Pershing Square also has a closed-end fund in Europe, which trades at a discount to its net asset value.

The initial public offering was expected to happen early this week but was delayed on Friday. At one point, Pershing Square was looking to raise as much as $25 billion, according to the Wall Street Journal and Bloomberg News. Ackman then said in a letter to strategic partners last week that he was expecting between $2.5 billion and $4 billion. (In an unusual circumstance, Pershing Square USA then disclosed

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in a filing and officially disclaimed it.)

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reported on Monday that Seth Klarman’s Baupost Group has decided against investing in the new fund.

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