Billionaire hedge fund manager, Bill Ackman, is planning to launch a new hedge fund targeting retail investors based in the United States, a Securities and Exchange Commission filing showed on Wednesday.
"Pershing Square USA, Ltd. is a newly-organized, non-diversified, closed-end management investment company," Ackman's Pershing Square Capital Management said in the filing.
No minimum investment will be necessary and a flat fee of 2% will be charged each year after the first year. In addition, the fund will be at the disposal of retail investors who lack the net worth to make hedge fund investments.
