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Bill Ackman’s forthcoming publicly traded closed-end fund appears to offer retail investors the chance to ride along with the investment strategies of the guy who believes he is the heir to Warren Buffett. Is this a play for permanent capital or something more ephemeral?
Next week, if the markets agree, Bill Ackman will probably be successful in standing up the largest ever closed-end equity fund with an I.P.O. expected to raise as much as $10 billion. He’s calling it Pershing Square USA, and it would actually be the largest closed-end fund by a factor of at least two, and the first issuance of a closed-end fund since 2022.
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