Shares in Pershing Square, a fund run by activist investor Bill Ackman, opened down 2 percent on their debut on Monday on the Euronext Amsterdam exchange.
The fund was initially priced at $25 a share, giving it a market capitalisation of $6.2 billion. It was trading at $24.26 at 0905 GMT.
The fund boosts the firepower of billionaire Ackman, famed for aggressive moves such as a $1 billion bet against U.S. nutrition firm Herbalife and a battle to broker a sale of Botox maker Allergan to Valeant Pharmaceuticals.
It is run by Pershing Square Capital Management, a North America-focused equities investment manager founded by Ackman in 2003 which had $14.1 billion in assets under management at the end of June.