Pershing Square USA and Pershing Square are set to raise approximately $5 billion through their initial public offerings, primarily backed by institutional investors. The IPO, which includes a $2.8 billion private placement already filed with the SEC, falls at the lower end of the initial $10 billion target. Institutional investors have subscribed to about 85% of the offering, with bookbuilding closing at 4:00 p.m. Eastern Time today and pricing expected on April 28. Pershing Square USA will implement a 2% management fee without a performance fee, while control of Pershing Square will remain with Bill Ackman and his core management team through voting rights. This strategic move underscores the strong institutional interest in Ackman's investment vehicles.