Challenges of Navigating an IPO for Closed-End Funds

This chapter explores the IPO journey of Pershing Square USA, detailing ambitious goals followed by a downturn in funding expectations. It discusses the pivotal role of investor communications and the influence of key investors on the fundraising process, highlighting retail versus institutional demand dynamics. The chapter also examines the motivations behind taking a hedge fund public and the complexities faced by closed-end funds in attracting sufficient investment.