Pershing Square Capital Management founder Bill Ackman is attempting to revive the initial public offering (IPO) of his investment fund, Pershing Square USA, by offering additional incentives to attract early investors, according to a report by the Financial Times

This move comes after Ackman withdrew the planned IPO last month due to weak demand.

Ackman is reportedly exploring a new structure for the offering that would provide investors with sweeteners alongside shares in Pershing Square USA. The report cites unnamed sources familiar with the matter as revealing that one option under consideration includes granting early investors the right to purchase additional shares at a fixed price in the future through warrants.

The original plan for the New York Stock Exchange listing aimed to raise $25bn, which would have made it one of the largest IPOs in history. However, Ackman drastically reduced the target to $2bn before ultimately withdrawing the listing.

In addition to the potential for future stock purchases, the more significant incentive for investors may be the opportunity to buy into the eventual IPO of Ackman’s hedge fund, Pershing Square Capital Management, which manages investments for both the proposed US vehicle and Ackman’s existing European fund.

The proposed structure would resemble a special purpose acquisition company (Spac), where shares in Pershing Square USA would initially trade as a unit with warrants before separating into individual securities. Previously, Ackman had tried to attract investors by waiving management fees for the first year of trading, but this offer may be reconsidered if warrants are included in the new structure.

Discussions around the new IPO structure are ongoing and subject to change, however, sources close to Ackman’s hedge fund expect him to bring the IPO back to the market before the end of the year to maintain momentum, according to the FT.

Earlier this year, Ackman sold a 10% stake in Pershing Square Capital Management to a group of investors, including Iconiq Capital and Israeli insurance company Menora Mivtachim, valuing the hedge fund at $10.5bn. The Financial Times previously reported that Ackman might list his hedge fund as early as 2025.

Pershing Square declined to comment on the ongoing discussions.