Hedge fund manager Bill Ackman has launched fundraising for a new U.S.-listed closed-end fund, Pershing Square USA Ltd, which aims to raise up to $20 billion. The fund, listed on the NYSE, will offer lower fees and quicker access to capital, targeting both institutional and retail investors. Ackman’s firm, Pershing Square Capital Management, has seen strong returns in recent years. The new fund will have no management fees for the first year and no performance fees ever. Citigroup, UBS Investment Bank, BofA Securities, and Jefferies are coordinating the IPO.
