In a recent update, billionaire investor Bill Ackman's Pershing Square has announced the withdrawal of its initial public offering (IPO) for Pershing Square USA. The IPO, which was expected to raise funds for a new fund, has been put on hold. Ackman stated that the IPO would be revisited once a revised transaction is ready to be launched. The fundraising target for the new fund was lower than the initial expectation of $25 billion. Ackman is considering whether investors would benefit more from investing in the company after its IPO rather than during the IPO itself. The revised transaction for the IPO is currently being evaluated. No specific reasons were given for the withdrawal of the IPO [97ceca38].
Despite the withdrawal of the IPO, Ackman's Pershing Square has made heavy investments in non-tech companies. Chipotle Mexican Grill, the largest investment in the portfolio, has seen a remarkable 425% increase in value since Pershing Square acquired the stock. Restaurant Brands International, the parent company of popular fast-food chains such as Burger King and Tim Hortons, accounts for 17.6% of the portfolio. Lastly, Hilton makes up 16.2% of the portfolio and has doubled in value since Ackman began investing in it in 2018. These non-tech companies are known for their profitability, strong management, and significant growth potential. Ackman's investment choices in these companies may provide valuable diversification opportunities for investors [1ff0e101].