Pershing Square USA, a fund managed by billionaire Bill Ackman, is set to offer shares at $50 each in an initial public offering (IPO) in New York. The fund will be open to all investors in the United States, including retail investors. What Happened: Pershing Square USA has not yet disclosed the exact number of shares to be offered. However, potential investors must purchase a minimum of 100 common shares to participate in the IPO, Reuters reported on Friday. The new fund will mirror Ackman’s existing Europe-listed hedge fund, Pershing Square Holdings, but with lower fees and quicker access to capital. It will invest in 12 to 15 large, undervalued North American companies, charging a flat ...