(Reuters) – Pershing Square USA, a fund managed by billionaire Bill Ackman, said on Friday it plans to offer shares at $50 each in its initial public offering in New York.
Ackman is launching a new investment portfolio that is available to anyone who can invest in the United States, including private investors.
The fund has not disclosed exactly how many shares it will offer. Potential investors must purchase a minimum of 100 shares of Pershing Square USA common stock to participate in the offering.
Ackman’s new fund mimics his existing European-listed hedge fund Pershing Square Holdings (PSH.AS), but offers lower costs and faster access to capital.
The fund, which will invest in 12 to 15 large, undervalued North American companies, charges a flat management fee of 2%, which is waived for the first 12 months.
In June, Ackman’s hedge fund Pershing Square Capital Management raised $1.05 billion by selling a 10% stake in a deal that valued the company at more than $10 billion ahead of a potential IPO that could happen next year or in 2026.
About $500 million of the proceeds from that stock sale will anchor Pershing Square USA, while the rest of the money will be used in funds that Ackman plans to launch in the future.
Ackman’s Pershing Square Capital Management, which manages $19 billion in assets, typically invests in about a dozen stocks, such as Google parent Alphabet (GOOG), Chipotle Mexican Grill (CMG) and Universal Music Group (UMG.AS).
Pershing Square USA will be listed on the New York Stock Exchange under the symbol “PSUS”.
Citigroup Global Markets, UBS Securities, BofA Securities and Jefferies are the underwriters for the offering.
(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Saumyadeb Chakrabarty)
