HedgeCo.Net — Pershing Square used its first earnings season as a public company to concede what closed-end-fund specialists already knew: Pershing Square USA, the $5 billion vehicle listed in April, is trading at a 22% discount to net asset value, among the widest gaps of any U.S. closed-end fund invested in public securities, and that dislocation has become the firm’s central capital-formation problem. For allocators who have spent a decade debating how to put hedge-fund skill into a liquid wr...
Continue Reading
Sign up for FREE to read the full article and access 150K+ alternative investment headlines.