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Story summary
- Bill Ackman, founder and CEO of Pershing Square Capital Management, plans to raise $5 billion for a new U.S.-listed closed-end fund.
- The firm expects its listing in early 2026.
- The fund offers lower fees and quicker capital access, with investors receiving free shares of Pershing Square.
- Ackman previously canceled a similar 2024 effort and currently manages about $21 billion, including holdings in Howard Hughes.
