- IPO
- March 11, 2026
- 4 minutes read
Bill Ackman’s Pershing Square Files for IPO
Bill Ackman, a prominent hedge fund billionaire, is returning to the public markets with a combined listing of his hedge…
Bill Ackman, a prominent hedge fund billionaire, is returning to the public markets with a combined listing of his hedge fund management firm and a new closed-end fund. The closed-end fund, Pershing Square USA Ltd, has filed for a public listing on the New York Stock Exchange (NYSE). Investors who buy shares in the closed-end fund will also receive shares in Pershing Square Inc, the underlying fund management firm.
For every 100 shares of the closed-end fund, buyers will receive 20 shares in the management firm, the S-1 filing indicates. Ackman is seeking to raise $5bn to $10bn in the combined listing.
- Closed-end funds are investment funds that raise capital by issuing a fixed amount of shares. They can’t be redeemed by the issuer, unlike open-ended funds, but investors can freely buy or sell shares on the public markets.
- Because they aren’t redeemed directly by issuers, closed-end funds can trade at a discount compared to the underlying assets, or at a premium.
A public market listing aligns with Ackman’s strategy of opening his fund to a broader investor base. The fabled hedge fund investor has long talked of creating an enduring investment firm inspired by Berkshire Hathaway, the investment conglomerate chaired by Warren Buffett.
- Pershing Square manages $31bn of assets, with $21bn of that being fee-generating. It runs a lucrative business that generated $762mn in management and performance fees in 2025; $230mn in management fees and $532mn in performance fees.
- Most of Pershing Square’s expenses comprise profit-sharing compensation paid to partners. Ackman, the leading partner, received $143mn in profit-sharing compensation in 2025. Ryan Israel, the firm’s chief investment officer, took home $44mn, and President Ben Hakim received $18mn in compensation.
- After profit-sharing compensation and other expenses, Pershing Square Inc reported a $250mn net income in 2025.
The closed-end fund, Pershing Square USA, will charge investors a 2% management fee, but won’t charge a performance fee.
Pershing Square Inc, the management firm, will list on the New York Stock Exchange (NYSE) under the ticker “PS”, while the closed-end fund will list under the ticker “PSUS”, the S-1 filing indicates.
