Bill Ackman’s Pershing Square sets IPO price of its closed-end fund at $50 a share

Pershing Square Capital Management (“PSCM”), the investment firm led by billionaire Bill Ackman, has set the initial offering price of its U.S. closed-end fund at $50 per share, according to an SEC filing dated Friday.

The fund, known as Pershing Square USA, plans to charge a management fee of 2% of its net asset value on an annual basis, as previously reported. That fee would be waived for the first 12 months, and also there would be no incentive fees.

Bloomberg reported on June 3 that PSCM is seeking to raise $25B from retail investors for the new fund. If that target is reached Pershing Square would more than double the fee-paying assets the firm manages.

The vehicle will list on the New York Stock Exchange under the symbol PSUS. There was no mention of the timing of the offering, nor the number of shares to be sold.