In the dynamic world of finance, Bobby Jain and Bill Ackman are making waves with their new fund initiatives. Bobby Jain recently launched a new hedge fund, raising an impressive $5.3 billion from the outset. This fundraising makes Jain one of the largest launches in the history of hedge funds. It received a significant investment from the Abu Dhabi Investment Authority, contributing to the total sum.
In addition, Bill Ackman is preparing the ground for an initial public offering (IPO) of a new closed-end fund in the United States, managed by Pershing Square. This fund could become the largest investment fund of its kind in the country. Ackman is proposing a low-cost structure with a 2% management fee, aimed at attracting a wide range of investors. It hopes to raise up to $25 billion, which would represent one tenth of the total value of closed-end funds in the US. The fund has an initial listing price of $50 per common share and will be listed on the New York Stock Exchange under the ticker symbol "PSUS".
Bloomberg videos, provided by MT Newswires
