Ackman Says Pershing Square IPO Uses Advantages of Closed-End Fund -- Market Talk
Dow Jones
Apr 30
1249 ET - Pershing Square's initial public offering adopts the structure of a closed-end fund, but the company will be different from other closed-end funds in scale, governance and strategy, Bill Ackman says on CNBC. Using the closed-end fund structure allows it to buy minority or majority stakes, use derivatives to hedge risk and benefit from having only one layer of tax. But whereas in traditional closed end funds, most of the investors are retail, in this IPO, more than 80% of the investors were institutions, Ackman says. A $200 billion family office invested, while a pension fund invested $500 million, he says. (nicholas.miller@wsj.com)
(END) Dow Jones Newswires
April 29, 2026 12:49 ET (16:49 GMT)
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