Billionaire investor Bill Ackman has cancelled the planned public listing of his closed-end fund, Pershing Square USA in an embarrassing U-turn.
Having made an almost 'Trumpian' pronouncement that the listing would be among the largest IPOs ever, the process has been dogged by apparent inertia - from would-be backers, at least.
The decision follows a difficult period for Ackman, marked by reduced fundraising targets and the withdrawal of key investors like the Baupost Group.
Despite claiming strong investor interest, Ackman concluded that potential investors might benefit more from buying shares in the after-market rather than at the IPO.
Concerns were raised that the new vehicle could trade at a discount, similar to Ackman’s other funds.