Svmuu reported that Bill Ackman's closed-end fund, Pershing Square USA (PSUS), and alternative asset management company Pershing Square (PS) are conducting an initial public offering, expected to raise a total of approximately $5 billion, at the lower end of the previously stated $10 billion target range. This amount includes a $2.8 billion private placement already disclosed to the U.S. Securities and Exchange Commission. Approximately 85% of this offering has been subscribed by institutional investors. Bookbuilding is scheduled to close at 4:00 PM New York time on Monday, with pricing on April 28. Pershing Square USA will charge a 2% management fee with no performance fee, while voting control of Pershing Square is held by Ackman and core management.