We represented Pershing Square Capital Management LP in the formation of Pershing Square IV, a complex of special-purpose vehicles that ultimately invested in Target Corp. For business, tax, regulatory and operational reasons, the structure involved multiple “layers” of funds. Also unusual, the fundraising was for a blind pool—investors did not know Target was the prospective portfolio company. About $2 billion was raised in short order, thanks in part to a unique fee system that incentivized participation: a management fee well below the industry standard and a discount on performance fees for contributions over $100 million.