Hedge fund billionaire Bill Ackman is planning to launch a new closed-end fund that will be listed on the New York Stock Exchange. The fund will invest in 12-24 large-cap, investment-grade "durable growth" companies based in North America. There will be no minimum investment requirement to make the fund accessible to regular retail investors. Unlike traditional hedge funds, this fund will not charge a performance fee, only a flat 2% management fee after the first year of no fees.