[Bill Ackman's Pershing Square Plans IPO to Raise Approximately $5 Billion] Odaily Planet Daily reports that Bill Ackman's closed-end fund Pershing Square USA (PSUS) and alternative asset management company Pershing Square (PS) are conducting an initial public offering (IPO), aiming to raise approximately $5 billion, which is at the lower end of the previously targeted $10 billion range. This amount includes $2.8 billion in private placements disclosed to the U.S. Securities and Exchange Commission (SEC). Approximately 85% of this offering has already been subscribed by institutional investors, with book-building set to close at 4:00 PM New York time on Monday, and pricing scheduled for April 28. Pershing Square USA will charge a 2% management fee without performance fees, while Pershing Square's voting rights will be controlled by Ackman and the core management team.