Bill Ackman's Pershing Square plans to raise approximately $5 billion in its IPO.

Bill Ackman's closed-end fund Pershing Square USA (PSUS) and alternative asset management firm Pershing Square (PS) are conducting their initial public offerings (IPOs), expected to raise approximately $5 billion in total, at the lower end of their previously announced $10 billion target range. This amount includes a $2.8 billion private placement already disclosed to the U.S. Securities and Exchange Commission (SEC). Approximately 85% of the offering has been subscribed by institutional investors, with book-building scheduled to close at 4 p.m. New York time on Monday, and pricing on April 28. Pershing Square USA will charge a 2% management fee and will not charge performance fees, while voting rights in Pershing Square will be controlled by Ackman and his core management team.