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.
比尔•阿克曼(Bill Ackman)正试图解决一个棘手的问题。为了让他的潘兴广场美国基金(Pershing Square USA)首次公开募股顺利进行，他需要给早期投资者一些甜头。但如果这是以牺牲后期投资者为代价的，他的新封闭式基金在上市后可能会面临困境。
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