WASHINGTON (dpa-AFX) - Billionaire Bill Ackman's Pershing Square USA discarded plans for an initial public offering due to declining investor interest in the fund, as per CNBC.
'Over the last seven weeks, we have met with many institutions and family offices, and held numerous town halls for Pershing Square USA, Ltd.,' Ackman said in a statement.
'While we have received enormous investor interest in PSUS, one principal question has remained: Would investors be better served waiting to invest in the aftermarket than in the IPO?'
According to Bloomberg News, Baupost Group opted out of investing in the offering after Ackman announced in a letter to investors that Seth Klarman's Boston-based hedge fund was participating.
The announcement comes after Ackman's new portfolio said it would raise around $2 billion in capital, which is much lower than the previously estimated $25 billion.
'We will report back once we are ready to launch a revised transaction,' the hedge fund manager stated.
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