"Pershing Square Aims for $25B US Fund Raise"

Bill Ackman's Pershing Square plans to raise $25 billion for a new closed-end fund targeting US retail investors, which would significantly increase the firm's fee-paying assets. The fund, Pershing Square USA Ltd., will list on the New York Stock Exchange and charge a 2% management fee, waived for the first year, with no incentive fee. This move is expected to boost the firm's revenue and attract both retail and institutional investors.