To buy a piece of Bill Ackman's hedge fund, you'll have to buy something else first

The billionaire's hedge fund is going public — and the deal has a unique structure

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Bill Ackman's hedge fund is going public. Sort of.

Pershing Square $SQ Capital Management filed on Tuesday for a combined IPO that pairs a stake in Ackman's hedge fund with shares of a new closed-end fund, Pershing Square USA Ltd. The structure is worth slowing down on: for every 100 shares of the closed-end fund you buy at $50 apiece, you receive 20 shares in the hedge fund itself. Early institutional backers — family offices, pension funds, insurers — will get a slightly sweeter deal at 30 hedge fund shares per 100. Ackman is apparently targeting $5 billion to $10 billion in the raise, with $2.8 billion........

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