According to regulatory filings, Bill Ackman – the renowned billionaire hedge fund manager – has launched a new investment portfolio in the U.S.. This new fund is believed to mimic his existing hedge fund, but it will be offered at lower fees.
Pershing Square USA will be listed on the New York Stock Exchange (NYSE) and available to those who can invest in the U.S., including retail investors. There would not be a minimum investment, and the fund would charge a flat 2% fee every year following the first year. Many other hedge funds charge performance fees of between 15% and 30%. Another advantage of this fund is that investors can withdraw money quickly compared to the years it takes to take money out of a hedge fund.
It is unknown how much money the fund is expected to raise. However, the regulatory filing said that the fee schedule for underwriters shows how much the banks will be compensated if the fund raises as much as $20 billion. Pershing Square Capital Management currently oversees $18 billion in assets, most of which is in a fund publicly listed in Europe.
This fund would be managed by Ackman, chief investment officer Ryan Israel, and other investment team members.
