Bill Ackman is preparing a dual-offering structure through his firm Pershing Square Capital Management and a new closed-end investment vehicle, Pershing Square USA, according to a report by the Wall Street Journal citing sources familiar with the matter. Under the plan, the management company would list publicly, while the closed-end fund would debut on the New York Stock Exchange with a unique incentive structure: investors in the new vehicle would receive free shares in Pershing Square. Partners of the firm would give away up to 10% of shares in it. The strategy is part of an attempt to increase enthusiasm for the closed-end model, which is now less popular among investors. The move is still in preliminary stages and could collapse, or Ackman could decide to change course.