PSHZF - Bill Ackman's Pershing Square seeks to raise $25B for U.S. closed-end fund - report
2024-06-03 16:36:39 ET
- Bill Ackman's Pershing Square investment firm targets $25B of fundraising for a new closed-end fund expected to attract U.S. retail investors, a goal that helped Pershing Square to get a valuation of $10.5B in a stake sale it announced on Monday, according to a media report.
- If the new CEF reaches its target, Pershing Square would more than double the fee-paying assets the firm manages, Bloomberg reported , citing people with direct knowledge of the matter. The vehicle, to be called Pershing Square USA Ltd., plans to list on the New York Stock Exchange and would significantly boost its revenue ahead of a potential initial public offering.
- According to Pershing Square USA's SEC filing , the fund will charge a management fee of 2.0% of its net asset value on an annual basis. It will, however, waive the that fee for the first 12 months, it said.
- The investment firm already has European closed-end fund, Pershing Square Holdings Ltd. ( OTCPK:PSHZF ), which has ~$15B in assets, Bloomberg said.