The initial public offering target for Bill Ackman‘s U.S. investment fund, Pershing Square USA, has been drastically reduced by as much as 90%. This comes as the CEO’s comments are disavowed by the fund. What Happened: Ackman, a prominent billionaire hedge fund manager, has cut the fundraising goal for the IPO of his U.S. investment fund, Pershing Square USA, by up to 90%, the Financial Times reported on Thursday. The initial target of $25 billion has been significantly reduced. In a letter filed with the Securities and Exchange Commission, Ackman stated that he anticipates raising between $2.5 billion and $4 billion, with the possibility of increasing to $10 billion based on marketing efforts. In a letter to investors in his Pershing Square holding company sent on Wednesday, Ackman urged, “This is a moment when you can be very helpful to Pershing ...