Pershing Square vehicle comparison
Apologies for the dumb question but can anyone ELI5, why any current existing PSH investors would stay in the current vehicle and not move over to PSUS vehicle given that it only charges 0.5% more in mgmt fee, w/ no carry and there is no fee at all for the next 12 months? Or am i missing something?
Also isn't Ackman giving up a ton of money here by doing it this way vs. charging market performance fees (as I understand it the 16% fee for his current listed vehicle, is already a discount to normal performance fees for non-listed hedge funds)?
thanks.
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