Proactive Investors - Pershing Square (NYSE:SQ) USA, the new fund launched by hedge fund manager Bill Ackman, is aiming to raise $2 billion in its upcoming IPO, significantly lower than the initially targeted $25 billion.
The fund will offer up to 40 million shares at $50 each and is set to begin trading on the NYSE under the symbol PSUS on August 6.
Ackman’s firm, Pershing Square Capital Management, contributed $500 million, and banks may purchase an additional 6 million shares, potentially adding $300 million.
Ackman cited investor concerns about the fund’s structure and capital deployment for the reduced target.
The fund will focus on undervalued large-cap companies in North America, and Ackman plans to use social media platform X for investment updates. Ackman’s previous fund, Pershing Square Holdings (LSE:PSH), has returned 6.4% since January.