Bill Ackman is returning to the IPO market with a combined offering for his hedge fund manager and a new closed-end fund, the latest move in the billionaire’s long campaign to expand his asset management empire to public market investors.
The initial public offering for Pershing Square USA Ltd., the closed-end fund, would also give investors stakes in Pershing Square Inc., his alternative asset management firm, according to filings with the US Securities and Exchange Commission. For every 100 shares of the closed-end fund IPO purchased by a buyer, that investor will receive 20 shares in the management ...
