Bill Ackman, hedge fund manager, recently began marketing the initial public offering of Pershing Square USA Ltd., a US closed-end fund that could raise as much as $25 billion.
Asset management partner Mike Doherty discussed the details of the fund in a recent Bloomberg article. Pershing Square USA is a perpetual fund, with no option to liquidate or extend the fund’s life upon shareholders’ approval. That’s unusual among recent fund launches, according to Mike.
“The idea was that closed-end funds, not always, but often trade at discounts to their net asset value,” Mike said. “But if the fund has a termination date or a liquidation date, it might trade closer to net asset value.”
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