Monday’s planned IPO for Bill Ackman’s Pershing Square USA investment vehicle has been delayed as the SEC reviews a letter Ackman sent to investors. Despite this setback, the long-awaited closed-end fund is still in the works. The fund aims to raise money for concentrated investments and had initially targeted $25 billion, which would have been one of the largest IPOs ever. However, closed-end funds typically don’t generate significant investor interest, raising concerns about Ackman’s ambitious plans. The timing for the IPO is currently uncertain, with the offering described as pending on a future date.
