Ackman’s Pershing Square USA pulls IPO

Bill Ackman, chief executive officer and portfolio manager at Pershing Square Capital Management. — Reuters

NEW YORK: Billionaire Bill Ackman’s Pershing Square has withdrawn an initial public offering (IPO) for a US closed-end fund, after sharply downsizing a US$25bil fundraising target and facing difficult questions from investors.

Pershing Square USA Ltd will reevaluate its structure based on investor feedback, Ackman wrote in a statement. “We will report back once we are ready to launch a revised transaction,” Ackman wrote.