Ackman's US IPO withdrawal casts doubt on lower performance fees for Pershing Square Holdings

'Revised transaction' to be launched

Billionaire investor Bill Ackman’s decision to scrap the public listing of the closed-ended fund Pershing Square USA (PSUS) has thrown the prospect of lower performance fees for the London-listed trust Pershing Square Holdings (PSH) into doubt.

In a statement published on X, formerly Twitter, on Wednesday (31 July), the chief executive of Pershing Square said the firm had withdrawn the initial public offering — just days before it was due to begin trading on the New York Stock Exchange.  Ackman had already scaled back the IPO plans, dropping the fund's fundraising target from $25bn to $2bn after a crucial investor pulled its backing. Pershing Square Holdings manager slashes performance fee as Ackman eyes US launch "Over the last seven weeks, we have met with many institutions and family offices, and held numerous town...