Billionaire investor Bill Ackman‘s Pershing Square filed for U.S. initial public offerings of his hedge fund and a new fund on Tuesday.

The transaction will feature a dual listing structure, with both Pershing Square Capital Management’s common shares and Ackman’s new fund, Pershing Square USA, listed on the NYSE. Ackman had previously attempted to take Pershing Square USA public in 2024, but scrapped the launch days before its debut.

Ackman aims to raise $5 billion to $10 billion for Pershing Square USA. It is selling shares at $50 apiece. Investors will receive 20 shares in Ackman’s hedge fund, Pershing Square Capital Management, for every 100 shares purchased in the ​new fund as a sweetener.

The fund has secured $2.8 billion in commitments from U.S. and international institutional investors.

The move to ...