Ackman launches Pershing Square U.S. IPO roadshow, aiming to raise up to $10 billion.

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Bill Ackman has officially begun marketing the IPO of his flagship closed-end fund in the United States, despite cautious market sentiment due to geopolitical tensions.

According to deal terms seen by Bloomberg, Pershing Square USA’s IPO is expected to be priced on April 28, with a potential fundraising scale of up to $10 billion. While the war in Iran has subdued market sentiment, Ackman has chosen to proceed with his roadshow as planned.

The structure of this IPO is rather unique—investors subscribing to shares in the closed-end fund will also receive equity in the hedge fund management company. This arrangement gives the transaction an additional equity incentive, which may help attract long-term investors.

Bundled Management Company Equity, Planned Fundraising of $5 to $10 Billion

According to documents submitted to the U.S. Securities and Exchange Commission (SEC), this Pershing Square USA IPO utilizes a bundled offering mechanism. For every 100 shares (at $50 per share) of the closed-end fund IPO subscribed, investors will additionally receive 20 shares of the management company, free of extra charge.

Ackman hopes to raise $5 to $10 billion for Pershing Square USA through this combined transaction.

The roadshow has officially started, with several days remaining until the pricing on April 28. The final fundraising outcome will largely depend on how investors accept this structure in the current market environment.

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