PANews reported on April 27 that, according to Bloomberg, Bill Ackman's closed-end fund Pershing Square USA Ltd. and alternative asset management firm Pershing Square Inc. are conducting their initial public offerings (IPOs), expecting to raise approximately $5 billion in total, the lower end of the previously announced target range of $10 billion. This includes a $2.8 billion private placement already disclosed in SEC filings. Approximately 85% of the offering has been subscribed by institutional investors, with book-building scheduled to close at 4 PM New York time on Monday, and pricing on April 28. Pershing Square USA will charge a 2% management fee and will not charge performance fees; its ticker symbol is PSUS. Pershing Square Inc.'s ticker symbol is PS, and voting rights will be controlled by Ackman and core management.