Billionaire investor Bill Ackman has begun formal marketing for the US initial public offering of his closed-end fund and hedge fund, according to Bloomberg Markets. The dual IPO represents a rare move in the investment world, combining Pershing Square Holdings with his hedge fund strategy under one public vehicle.

The timing is notable as global markets face uncertainty from geopolitical tensions, with the report mentioning that the Iran war is dampening dealmaking optimism. This IPO could test investor appetite for alternative asset managers going public during turbulent times. Ackman's track record with Pershing Square Capital Management has included both high-profile wins and notable setbacks, making this offering particularly interesting to market watchers.

Despite market headwinds, Ackman appears to be pressing forward with the IPO, suggesting confidence in the long-term value proposition for investors. The closed-end fund structure would give retail investors access to Ackman's investment strategy, which has historically focused on activist positions in public companies. This move follows a trend of prominent investors seeking public vehicles to access capital and provide liquidity.