Pershing Square, led by Bill Ackman, plans to raise approximately 5 billion dollars through an IPO.

According to Odaily, Bill Ackman's closed-end fund Pershing Square USA (PSUS) and alternative asset management company Pershing Square (PS) are conducting an initial public offering, aiming to raise approximately $5 billion, which is at the lower end of the previously stated $10 billion target range. This amount includes $2.8 billion in private placement already disclosed to the SEC. Around 85% of this offering has already been subscribed by institutional investors. Bookbuilding is scheduled to close at 4:00 PM New York time (UTC+8) on Monday, with pricing set for April 28. Pershing Square USA will charge a 2% management fee without any performance fees, while voting rights at Pershing Square will be controlled by Ackman and the core management team.