Pershing Square has filed for an initial public offering, with billionaire Bill Ackman's hedge fund set to list on U.S. exchanges alongside a new closed-end fund. According to the filing, the combined IPO includes shares in Pershing Square USA Ltd., a closed-end fund, as well as equity in Ackman's Pershing Square Capital Management. For every 100 shares of the closed-end fund purchased in the IPO, investors will receive 20 shares of the hedge fund.
Ackman aims to raise between $5 billion and $10 billion for Pershing Square USA Ltd. through this combined offering, with shares priced at $50 each. The filing indicates that the issuance has already secured $2.8 billion in commitments from qualified investors, including family offices, pension funds, and insurance companies. Private placement investors will receive 30 shares of the hedge fund for every 100 shares they purchase in the closed-end fund.
This filing represents the latest step in Ackman's long-term strategic shift toward adopting a permanent capital strategy modeled after Warren Buffett's Berkshire Hathaway. In 2024, he had planned to list a closed-end fund on the New York Stock Exchange to raise up to $25 billion, but the effort was unsuccessful. Months later, Pershing Square increased its stake in Howard Hughes Holdings Inc., using it as a platform to acquire majority interests in other companies.
Prior to this IPO plan, Ackman sold a 10% stake in Pershing Square through a private transaction in 2024, valuing the firm at over $10 billion at that time.
The combined offering is being led by Citigroup, UBS Group, Bank of America, Jefferies Financial Group, and Wells Fargo.
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