The broad market continued to advance as easing pricing pressures have investors optimistic the Federal Reserve can soon start to lower interest rates.
Pershing Square started a roadshow for the initial public offering of a closed-end investment vehicle, Bill Ackman's firm announced Tuesday. The IPO price for Pershing Square USA Ltd. is set at $50 per share and the fund is expected to be listed on the New York Stock Exchange with the ticker PSUS. Citigroup, UBS Investment Bank, BofA Securities and Jefferies are acting as global coordinators and bookrunners for the deal, Pershing Square said.
The firm previously said the closed-end fund will invest in 12 to 24 large-cap, investment-grade, 'durable growth' companies in North America. It doesn't have a performance fee in place, and Ackman is waiving the management fee for the first 12 months and after the first year will charge a flat 2% fee. The move to take the vehicle public is widely seen as a way to leverage Ackman's popularity among Main Street investors.
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