Bill Ackman's hedge fund, Pershing Square, is expected to raise $5 billion in its IPO, at the bottom of its targeted range. The IPO, which is set to price as scheduled, is about 85% covered by institutional investors and includes a $2.8 billion private placement. This is not the first time Ackman has attempted a public investment firm, following his failed attempt in 2024. The new IPO will give investors stakes in both Pershing’s hedge fund and the closed-end fund, with each investor receiving 20 shares in the management firm for every 100 shares purchased from the closed fund IPO.