Bill Ackman's Pershing Square USA IPO Raises $5 Billion in Historic Closed-End Fund Offering

On April 28, 2026, Bill Ackman's Pershing Square announced an NYSE listing, reviving a 2024 attempt withdrawn for weak demand. The closed-end fund Pershing Square USA Ltd (ticker PSUS) priced shares at $50, while the management company Pershing Square Inc (ticker PS) listed simultaneously. The combined offering targeted $5 billion and met that lower bound, making it the largest IPO for a closed-end fund.

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The $5 billion raise includes $2.8 billion from cornerstone investors. Over 85 % of orders came from institutions such as family offices, pension funds, insurers and asset managers. Investors receive one free Pershing Square Inc share per five PSUS shares; cornerstone investors receive 1.5 shares per five PSUS shares and accept a six-month lock-up. The fund charges a 2 % management fee and no performance fee. PSUS will target large-cap North American growth companies.

Ackman’s Pershing Square Poised for Massive IPO

The closed-end format blocks daily redemptions, protecting the fund from forced sales. Ackman positions PSUS as a step toward a Berkshire-style holding company that can hold stakes long-term and target outsized returns. The free-share sweetener draws institutional and retail investors.

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Ackman told investors the firm’s “long-term goal … is to build one of the most valuable companies in the world by generating one of the best long-term performance records of any investor ever.” Pershing Square declined comment; underwriters confirmed pricing.

Ackman’s Pershing Square Poised for Massive IPO

Closed-end funds can trade below net asset value, a concern for retail investors. Matt Ostrowski, a buyer, said, “To me, it sounded a little risky. Maybe picking it up later on is better option.” Analysts warn that a focus on growth stocks may limit upside if sentiment turns.

Can Social-Media Fame Power an IPO? Bill Ackman Is About to Find Out.

ShareCafe listed the target raise as “approximately $5 billion ($7 billion),” conflicting with sources that cite $5 billion. The prospectus gives little detail on asset exposure, leaving the asset mix unclear.

Ackman’s Pershing Square IPO Nears $US5 Billion Target

• “Our long-term goal for Pershing Square Inc. is to build one of the most valuable companies in the world by generating one of the best long-term performance records of any investor ever,” — Bill Ackman, Letter to Investors

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• “The offering was oversubscribed, with more than 85% of orders coming from institutional investors, the sources said.” — Reuters

Reuters

• “Pershing Square has said that investors in the new fund will receive 1 share in Pershing Square for every 5 shares purchased in the new fund as a sweetener.” — Pershing Square prospectus

Reuters

• “5 shares in Pershing Square Inc for every five shares purchased in the new fund; other investors receive one share for every five shares.” — Bloomberg

Ackman’s Pershing Square Poised for Massive IPO

PSUS and PS start trading Wednesday. Observers will watch whether the fund trades at a discount. Platforms Charles Schwab and Robinhood will channel orders, while analysts assess if the model meets Ackman’s performance promises.

Can Social-Media Fame Power an IPO? Bill Ackman Is About to Find Out.