Billionaire investor Bill Ackman‘s Pershing Square filed for U.S. initial public offerings of his hedge fund and a new fund on Tuesday.
The transaction will feature a dual listing structure, with both Pershing Square Capital Management’s common shares and Ackman’s new fund, Pershing Square USA, listed on the NYSE. Ackman had previously attempted to take Pershing Square USA public in 2024, but scrapped the launch days before its debut.
Ackman aims to raise $5 billion to $10 billion for Pershing Square USA. It is selling shares at $50 apiece. Investors will receive 20 shares in Ackman’s hedge fund, Pershing Square Capital Management, for every 100 shares purchased in the new fund as a sweetener.
The fund has secured $2.8 billion in commitments from U.S. and international institutional investors.
The move to take Pershing Square public was hinted at in November, when Ackman was reported to be preparing a unique dual public offering for both Pershing Square and a new investment fund. The IPO was planned for early 2026, aligning with the current timeline.
Ackman Reshapes Pershing Portfolio
After a failed $25 billion plan to list its closed-end fund in 2024, Pershing Square shifted focus to building its stake in Howard Hughes Holdings (NYSE:HHH). In February 2025, Ackman proposed buying 10 million newly issued Howard Hughes shares at $90 each, following an earlier January plan to merge a Pershing subsidiary with Howard Hughes at $85 per share for existing shareholders.
Later in May, Ackman stepped down from the Board of Directors of Universal Music Group N.V. (OTC:UMGNF) amid new obligations towards Howard Hughes.
Meanwhile, Pershing Square has been active in reshaping its portfolio. In the fourth quarter of 2025, the hedge fund took a new stake in Meta Platforms (NASDAQ:META), increasing its holdings in Amazon.com Inc (NASDAQ:AMZN) and exiting its position in Chipotle Mexican Grill (NYSE:CMG).
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