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Billionaire hedge fund manager Bill Ackman has filed for a US initial public offering for his Pershing Square vehicle on the New York Stock Exchange.
Ackman plans to list shares in a new closed-end fund, Pershing Square USA (PSUS).
Those who buy stock in the new closed-end fund will also receive shares in his hedge fund management company, which makes the investment decisions and garners the fees. Every 100 shares in PSUS entitles stockholders to 20 shares in the management company.
The filing with the US Securities and Exchange Commission said shares in Pershing Square USA would be offered at $50 each, and that Ackman had secured $2.8bn in commitments from pensions, insurance companies and other investors.
This is a developing story
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