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Pershing Square Raises $5 B in Biggest Closed-End IPO

8/12/2026

46 9 Full Breakdown

Summary

Story summary

In April 2026, Pershing Square raised $5 billion in the largest U.S. closed-end fund IPO, offering 20 free shares per 100 purchased.
Pershing Square now manages roughly $35 billion in assets.
Its assets have returned about 16.5% annually over two decades, beating the S&P 500’s 10% gain.
A 2020 credit bet turned $27 million into $2.6 billion within weeks.

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Story summary

In April 2026, Pershing Square raised $5 billion in the largest U.S. closed-end fund IPO, offering 20 free shares per 100 purchased.
Pershing Square now manages roughly $35 billion in assets.
Its assets have returned about 16.5% annually over two decades, beating the S&P 500’s 10% gain.
A 2020 credit bet turned $27 million into $2.6 billion within weeks.