Pershing Square boss Bill Ackman announced on Tuesday that his new listed investment vehicle, Pershing Square USA, is aiming to raise approximately $2bn in capital, a significant reduction from the initial $25bn target he had envisioned, according to a report by Reuters.
In a statement, Pershing Square USA confirmed it is planning to sell up to 40m shares priced at $50 each. The fund will begin trading on the New York Stock Exchange on 6 August.
Institutional investors have until Friday to express interest, while retail investors, had until 24 July to submit their interest.
Banks including Citigroup Global Markets, UBS Securities, BofA Securities and Jefferies have an option to purchase an additional 6m shares at the IPO price. This 45-day option, if exercised, would raise an additional $300m for the fund. Ackman’s hedge fund firm, Pershing Square Capital Management, has already committed $500m to the new US-listed investment holding company.
PSUS plans to acquire and hold positions in 12 to 15 large-cap, investment-grade, free-cash-flow-generative undervalued companies in North America. Ackman has already identified two new investments and plans to use social media platform X more frequently to share updates.
