Bill Ackman's IPO of Pershing Square closed-end fund is postponed, NYSE says

Billionaire investor Bill Ackman is postponing the listing of Pershing Square’s U.S. closed-end fund. The IPO of Pershing Square USA Ltd has been delayed, and Ackman is now aiming to raise $2.5 billion to $4 billion for the fund. Pershing Square had $18.7 billion in assets under management at the end of June, with most of its capital in Pershing Square Holdings. Ackman plans to offer a similar closed-end fund listed on the New York Stock Exchange and hopes the public listing will leverage his following among Main Street investors. The fund is expected to invest in large-cap, investment-grade, ‘durable growth’ companies in North America.