Pershing Square IPO Raises $5 Billion
Bill Ackman's Pershing Square launched a $5 billion IPO, creating two public entities on the NYSE, offering access to its investment platform.
Atlas Newsdesk ·
Pershing Square Launches Dual Public Entities New York, NY – Bill Ackman's Pershing Square Capital Management launched a combined initial public offering (IPO) on Wednesday, April 29, 2026, raising $5 billion. This transaction creates two distinct publicly traded entities on the New York Stock Exchange (NYSE): Pershing Square USA Ltd. (PSUS), a closed-end fund, and Pershing Square Inc. (PS), an asset manager.
The IPO priced at the lower end of expectations, having initially targeted between $5 billion and $10 billion. This public listing provides investors with direct access to Ackman's investment platform, which manages a concentrated portfolio of approximately 10 large-cap companies, including Amazon and Uber, as of late 2025. The dual structure allows investors to engage with either the underlying investment portfolio or the asset management business directly.
Pershing Square's strategy emphasizes long-term returns and macro hedging. Since its inception in 2004, the firm has generated cumulative net returns exceeding 2,600%, significantly outperforming the S&P 500's 836% gain over the same period. The firm's history includes a notable macro hedge in early 2020, which generated approximately $2.6 billion from a $27 million investment in credit protection, offsetting other portfolio losses. This public offering represents a step towards Ackman's stated ambition of developing a permanent capital vehicle akin to Berkshire Hathaway.