(Bloomberg) -- Bill Ackman’s Pershing Square set the initial public offering price of its US closed-end vehicle at $50 per share, as the billionaire’s firm moves ahead with what could be the largest ever closed-end fund in the US. 

The vehicle, known as Pershing Square USA Ltd., didn’t mention the number of shares to be sold, nor timing of the offering, in a filing Friday with the US Securities and Exchange Commission.

Pershing Square USA is seeking to raise $25 billion from retail investors, Bloomberg News reported, citing people with direct knowledge of the plans. 

Pershing Square already has an European vehicle with a $10 billion market capitalization. Ackman’s fund “returned 50.3% over the past year, outpacing almost all of its US peers, yet trades at a 25% discount to its net asset value,” Bloomberg Intelligence analyst David Cohne wrote earlier this month.

“With lower required costs than his typical hedge fund fees and social media popularity, the US-listed Pershing Square USA Ltd. could become the largest closed-end fund in the country and trade at a premium to its net asset value,” Cohne wrote. 

For the US closed-end fund, Pershing plans to charge a 2% management fee, which would be waived for the first 12 months, and no incentive fee, the filing showed. 

Citigroup Inc. UBS Group AG, Bank of America Corp. and Jefferies Financial Group Inc. are leading the offering, according to the filing. Pershing Square USA will list on the New York Stock Exchange under the symbol PSUS.

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