Bill Ackman is trying to square a difficult circle. To get an initial public offering of his Pershing Square USA fund off the ground, he needs to give early investors a sweetener. But if that comes at the expense of later investors, his new closed-end fund could struggle after it floats.
比爾•阿克曼(Bill Ackman)正試圖解決一個棘手的問題。爲了讓他的潘興廣場美國基金(Pershing Square USA)首次公開發行順利進行，他需要給早期投資者一些甜頭。但如果這是以犧牲後期投資者爲代價的，他的新封閉式基金在上市後可能會面臨困境。
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