Bill Ackman's Pershing Square USA Closed-End Fund Launches with $5 Billion IPO

On May 4, 2026, Pershing Square Capital Management launched Pershing Square USA (ticker PSUS), a closed-end fund listed on the NYSE. The IPO raised $5 billion. The offering included shares in the management company as an incentive for subscribers. The fund provides U.S. investors direct exposure to the same equity positions that Ackman’s other funds hold.

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Pershing Square previously operated Pershing Square Holdings, a closed-end fund listed in Europe, and Howard Hughes Holdings. The new U.S.-listed vehicle is described as the most straightforward path for American investors to invest directly alongside Ackman’s partnership.

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Bill Ackman, founder of Pershing Square Capital Management, serves as chief investment officer. Pershing Square USA is managed by the same investment team that runs Pershing Square Holdings. The fund’s shareholders will also hold shares in the management company.

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• Management fee: 2 % of assets.

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• Launch discount to net asset value (NAV): 18 %.

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• By comparison, Pershing Square Holdings trades at a near 30 % discount to its NAV.

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• The European fund’s day-one investors realized a 14.9 % compound return, exceeding the S&P 500, while the partnership’s historical annualized return since 2004 is 16.2 %.

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• The fund’s largest disclosed holding is Brookfield Corp., trading at approximately 18 × trailing distributable earnings with an estimated 25 % long-term growth potential. Other disclosed positions include Amazon and Meta Platforms.

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Ackman indicated that the cash raised will be deployed within weeks, and the portfolio is expected to resemble that of Pershing Square Holdings. The fund is required to file a Form 13F with the SEC; the first filing is anticipated by mid-August 2026, which will disclose the exact holdings.

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In addition to the 2 % management fee, investors face the discount to NAV, which can affect realized returns. The discount is variable; it may narrow, providing upside, or widen, reducing value. The European fund’s discount contributed to a lower day-one compound return (14.9 %) compared with the partnership’s 16.2 % NAV growth through 2025.

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Sources note that the discount to NAV is “constantly in flux,” creating uncertainty about the fund’s market price relative to its underlying assets. No definitive holdings are public until the 13F filing, leaving a gap in investor knowledge about the exact composition and weighting of positions.

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The launch offers retail investors a single-ticket vehicle to replicate Ackman’s concentrated, long-term equity strategy. However, the cost structure and discount dynamics may diminish the net benefit relative to independently tracking Ackman’s disclosed trades through filings and public statements.

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• Mid-August 2026: First Form 13F filing revealing the fund’s holdings.

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• Ongoing: Monitoring of discount fluctuations and performance relative to the S&P 500 and the partnership’s historical returns.

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