Bill Ackman Files for Dual IPO of Pershing Square and Pershing Square USA

Billionaire investor Bill Ackman has filed for initial public offerings (IPOs) for his hedge fund, Pershing Square Capital Management, and a new closed-end fund, Pershing Square USA, Ltd. This dual listing on the New York Stock Exchange aims to raise between $5 billion and $10 billion, with shares priced at $50 each. The offering represents a significant step in Ackman's strategy to broaden his asset management empire to public market investors.

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The IPO structure includes an attractive incentive for investors: for every 100 shares of Pershing Square USA purchased, investors will receive 20 shares in Pershing Square Capital Management. Additionally, a private placement has already secured $2.8 billion from institutional investors, including family offices, pension funds, and insurance companies. Investors participating in this private placement will receive 30 shares in the management company for every 100 shares of the closed-end fund.

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Ackman has positioned this IPO as a response to current market volatility, particularly citing disruptions caused by geopolitical events, such as the war in Iran. He argues that such conditions create favorable opportunities for acquiring undervalued companies. In a letter to investors, Ackman stated, “Pershing Square has been a long-term beneficiary of the opportunity to buy superb companies at bargain prices driven by macro events that did not have a material impact on their long-term intrinsic values.”

Bloomberg

As of the end of 2025, Pershing Square Capital Management reported approximately $30.7 billion in total assets under management, with $20.7 billion in fee-paying assets. The firm has evolved from a transactional activist approach to a model that emphasizes long-term value creation. Ackman’s investment strategy has included significant stakes in companies like Alphabet Inc., Chipotle Mexican Grill, and Brookfield Corp.

Bloomberg

Despite the ambitious plans, the IPO market has been challenging, with recent examples of underperformance among closed-end funds. For instance, Robinhood Markets Inc.'s recent fund raised only $658.4 million, falling short of its $1 billion target. Critics argue that the volatility associated with hedge funds may deter potential investors, as these funds typically operate under a veil of secrecy.

Bloomberg

The underwriters for the IPO include Citigroup Inc., UBS Group AG, Bank of America Corp., Jefferies Financial Group Inc., and Wells Fargo & Co. Ackman’s approach to the IPO reflects a desire to emulate the success of Berkshire Hathaway, aiming to attract a wider base of investors while maintaining a focus on long-term investment strategies.

Reuters

The closed-end fund is expected to trade under the ticker symbol "PSUS," while Pershing Square Capital Management will trade under "PS." The IPO is anticipated to provide a new avenue for retail and institutional investors to engage with Ackman's investment philosophy and portfolio.

Business InsiderReutersBloombergBill Ackman’s Pershing Square files for US IPO under ticker PS By Investing.comPershing Square, Alternative Asset Manager Focused on Permanent Capital Vehicles, Files for NYSE IPOBill Ackman’s hedge fund files for $5 billion IPO By Investing.comPershing Square under Bill Ackman submits US IPO application

• “Pershing Square has been a long-term beneficiary of the opportunity to buy superb companies at bargain prices driven by macro events that did not have a material impact on their long-term intrinsic values,” — Bill Ackman, CEO of Pershing Square.

Bloomberg

• “While this advice makes sense for operating companies, the opposite is true for IPOs of investment vehicles like PSUS as the greater the stock market disruption, so the better for PSUS's acquisition program.” — Bill Ackman, CEO of Pershing Square.

Reuters