Ackman Bets on US Closed-End Fund Despite Sector’s Slump (1)

Bill Ackman is used to long, difficult activist campaigns. Convincing investors to put about $25 billion into a US closed-end fund of his own could be another uphill battle.

The 58-year-old billionaire hedge fund manager told institutional investors in briefings ahead of Pershing Square USA Ltd.’s planned initial public offering that he would use his 1.3 million followers on social network X, formerly Twitter, to communicate his ideas, according to people familiar with the matter.

The fund will mostly be institutional investors with some retail interest, according to one of the people. Pershing Square USA aims to raise ...