After lowering the fundraising target significantly, Ackman's fund decided to postpone the listing date.

Billionaire investor Bill Ackman has postponed the highly anticipated listing of Pershing Square USA Ltd., a closed-end fund. According to an announcement on the New York Stock Exchange website, the initial public offering (IPO) of Pershing Square USA Ltd., with the code PSUS, will be delayed to a date to be notified. According to a regulatory filing on Thursday, Ackman now plans to raise $2.5 to $4 billion for the fund, significantly lower than the $25 billion target set a few weeks ago. Pershing Square declined to comment further on this and released a statement "clarifying media reports," stating that the IPO plans are still ongoing, and the specific pricing date will be announced separately. Closed-end funds sell a certain number of shares during the IPO, and then trade on the stock exchange. The fund's price may not necessarily match the Net Asset Value (NAV) of the shares, so the fund may trade at a premium or discount. In a letter to investors on July 24th, Ackman stated, "Transaction size has a significant sensitivity to market reaction. Especially considering the novelty of the structure and the extremely negative trading history of closed-end funds, investors need a significant leap of faith and careful analysis and judgment to realize that this closed-end company will trade at a premium post-IPO, a situation that has almost never happened historically." As of the end of June, Pershing Square managed assets totaling $18.7 billion, with the majority of funds held in the European-traded $15 billion closed-end fund Pershing Square Holdings. Ackman is seeking to list a similar closed-end fund on the New York Stock Exchange, a move that may pave the way for an IPO of his management company. Ackman's fund going public is seen as a step to leverage his influence among retail investors. He has amassed over a million followers on the social media platform X. It is expected that this publicly traded closed-end fund will invest in 12 to 24 large-cap companies in North America with durable growth potential. In his public roadshow presentations, Ackman emphasized the challenges of managing traditional hedge funds, where investors can withdraw at any time, leading to constant fundraising and appeasing of investors. He pointed out that the advantage of managing permanent capital is the ability to focus more on the portfolio and adopt a long-term investment strategy. Ackman said, "If you want to be a long-term investor in a company, the challenge of managing a portfolio that could be in and out at any time is significant. This behavior could have a significant negative impact on returns."