Monday, July 15, 2024

Could Pershing Square’s launch kickstart the listed closed-end market?


  • Law firm Ropes & Gray believes the launch could potentially kickstart the closed-end fund IPO market.
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The hedge fund quest for permanent capital has been a bumpy one, with various attempts to launch listed vehicles undermined by the fact they often ended up trading at chunky discounts to NAV.

A decade after heading down this road with Pershing Square Holdings, one of the more successful closed-end fund offerings, Bill Ackman is upping the ante with Pershing Square USA, Ltd (PSUS), a New York-listed equivalent with an ambitious $10bn fundraising target.

According to law firm Ropes & Gray, the launch could potentially kickstart the closed-end fund IPO market.

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