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Bill Ackman is returning to the market with a new $5 billion IPO for Pershing Square USA. The closed-end fund structure instead of a SPAC is a fundamentally different approach to investing. We examine why major managers are choosing exactly this model and how entrepreneurs can benefit from this trend.
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What happened
Bill Ackman, one of the best-known hedge fund managers of the modern era, announced the launch of the IPO of his new vehicle, Pershing Square USA. The company plans to raise around $5 billion, although it initially stated a range of up to $10 billion. This is already Ackman’s second attempt to bring the structure to the public market: the first attempt in 2023 was unsuccessful because investors were unwilling to pay a premium to net asset value.
This time, the chosen form is a closed-end fund, not a SPAC. This is a fundamental difference: instead of a “blank check” vehicle followed by a merger, investors immediately receive a diversified portfolio of 8–12 large companies with concentrated positions. The fund will trade at a discount to NAV, which is what attracts institutional investors.
Why this is useful for business
The closed-end fund model is experiencing a renaissance. After the failure of the 2020–2022 SPAC wave, investors and managers are looking for a balance between public liquidity and long-term strategy. Pershing Square USA is a vivid example: the fund gets access to capital without the pressure of quarterly reports, while investors get the opportunity to buy the brainchild of a legendary manager at a discount.
For business, this is a signal: the market is willing to pay for the manager’s competence and brand. Ackman is known for bets on Berkshire Hathaway, Restaurant Brands, Chipotle, and it works. Closed-end funds are becoming a tool for scaling successful strategies without the pressure of short-term results.
How to make money from this
The monetization strategy is built on several levels. The first is direct investment in the IPO through underwriters or on the secondary market with the expectation that the discount will close. The second is copying the model: launching your own closed-end fund focused on a niche where you have expertise. The third is creating infrastructure: services for managing closed-end funds, platforms for calculating NAV, and analytical tools.
The discount to NAV in closed-end funds has historically been 10–20%. This means that with a stable NAV, the investor receives built-in yield. Ackman plans to actively buy back shares on the open market in order to reduce the discount; this is an additional growth catalyst.
Business ideas
1. Platform for analyzing closed-end funds. Create a service that tracks NAV discounts, buyback history, and the portfolio composition of closed-end funds. Monetization through subscriptions for institutional investors and family offices: $500–2000/month.
2. Consulting on structuring closed-end funds. Help successful managers and entrepreneurs convert their strategies into the format of a public closed-end fund. Transaction fee: 1–3% of capital raised, which at $100 million gives $1–3 million.
3. Share buyback automation service. Develop a solution that monitors the market and automatically places bids to buy back fund shares when the target discount is exceeded. Integration with brokerage APIs, subscription $1000–5000/month.
4. Educational product on investing in closed-end funds. A course for wealthy investors and family offices on selecting and evaluating closed-end funds. Format: online course $500–2000 or group intensive for $5000–10000.
5. Niche closed-end fund for small businesses. Launch a closed-end fund that invests in growing second-tier companies that are not ready for an IPO but deserve public access to capital. Management fee of 1.5–2% of AUM plus 20% of profits.
Risks and limitations
Closed-end funds trade at a discount, and this is not always a temporary phenomenon. Some funds trade below NAV for years without visible reasons for the gap to close. Investors must understand: liquidity is limited, and exiting may take years. For entrepreneurs launching their own funds, the risk is investor distrust after a series of high-profile SPAC failures.
Regulatory pressure is intensifying. The SEC is tightening disclosure requirements for closed-end funds, which increases operating costs. In addition, high dependence on a “star” manager means the risk of losing a key figure: Ackman’s death or departure would collapse quotations.
7-day action plan
Day 1–2: Study the structure of Pershing Square USA and similar funds: Pershing Square Holdings, Third Point Investors. Compare discounts, fees, and return history. Create a table of key metrics.
Day 3: Define a niche for your own product. Analyze which segments of the closed-end fund market are underrepresented: regional markets, industries, investor types.
Day 4: Research competitors: existing platforms for analyzing closed-end funds and structuring services. Find customer pain points through forums and LinkedIn.
Day 5: Formulate the MVP for one of the products: a landing page describing the service with an application form, a prototype analytics dashboard, or a course plan. Start building a database of interested prospects.
Day 6: Conduct 3–5 interviews with potential clients: family offices, independent managers, wealthy investors. Clarify willingness to pay and key requirements.
Day 7: Make a decision on the priority direction. Launch a landing page or start negotiations with the first clients. Fix metrics for tracking progress.
Original news: Financial Times Companies · See other news in the news section.
