Pershing Square USA said on Wednesday it was withdrawing its initial public offering, a day after hedge fund manager Bill Ackman’s new portfolio in the United States disclosed it would raise roughly $2 billion in capital.
Ackman said on Wednesday he would revisit the IPO once he is ready to launch a revised transaction.
“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?,” Ackman said in a statement.
The fundraising target for the new fund was a fraction of the $25 billion the billionaire investor had initially expected to bring in.
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