Bill Ackman is set to re-enter the IPO market with a combined offering for his hedge fund manager, Pershing Square Inc, and a new closed-end fund, Pershing Square USA Ltd. This move marks the latest step in the billionaire’s strategy to extend his asset management operations to public market investors. According to filings with the U.S. Securities and Exchange Commission, investors purchasing 100 shares of the closed-end fund IPO will receive 20 shares in the management company.
Ackman aims to raise between $US5 billion and $US10 billion for Pershing Square USA in the combined deal. Shares in the closed-end fund will be priced at $US50 each, with the management firm’s shares included at no additional cost. Pershing Square’s long-term investment strategy is being presented to a wider investor base, inspired by Warren Buffett’s Berkshire Hathaway. Pershing Square Inc is an alternative asset management firm with approximately $US30.7 billion in total assets under management and $US20.7 billion in fee-paying assets as of the end of 2025. Ackman is known for his activist campaigns and concentrated positions in a small group of stocks.
Part of Pershing Square USA’s IPO funds will come from a private placement, securing $US2.8 billion from qualified investors, including family offices, pension funds, and insurance companies. These investors will receive 30 shares in the management company for every 100 closed-end fund shares purchased. Pershing Square anticipates both companies will trade independently post-IPO. Pershing Square Holdings Ltd, the firm’s London-listed closed-end fund, had $US17.1 billion of assets under management at the end of February.
The combined offering is spearheaded by Citigroup, UBS Group, Bank of America, Jefferies Financial Group, and Wells Fargo & Co. The closed-end fund will be listed on the New York Stock Exchange under the symbol PSUS, while the hedge fund manager is expected to trade under the ticker PS.
