Bill Ackman (CEO of Pershing Square Capital Management) is launching an initial public offering (IPO) for the Pershing Square USA fund, aiming to raise about $5 billion. The offering has been met with robust demand, evidenced by over 85% of interest from institutional investors. The fund's structure includes a sweetener where investors will receive one share in Pershing Square for every five shares purchased in the new fund, which is priced at $50 per share. Additionally, the fund has secured $2.8 billion in commitments from various investors, including family offices, pension funds, and insurance companies, who will receive 1.5 shares in Pershing Square for every five shares purchased. The IPO is set to price on Tuesday, with expectations to raise between $5 billion and $10 billion in total from both the IPO and private placements.