Bill Ackman expected to raise half of top target in second IPO push - Financial Times

Bill Ackman's Pershing Square is proceeding with its initial public offering on April 28, 2026, with final fundraising expectations set at $5 billion—the lower boundary of the originally stated $5 billion to $10 billion target range. The offering represents a scaled-back approach from earlier ambitions to raise as much as $10 billion. According to Bloomberg and multiple sources familiar with the matter, the dual-IPO structure bundles shares of Pershing Square USA Ltd., a closed-end fund, with complementary shares of Pershing Square Inc., the management company, allowing both entities to trade on the New York Stock Exchange under related tickers (PSUS and PS, respectively).

Institutional investor demand has underpinned the offering, with approximately 85% of shares committed by institutional backers. The $5 billion total includes $2.8 billion from a private placement targeted at cornerstone investors, whose capital will be subject to a six-month lock-up period. These cornerstone investors receive preferential pricing and share ratios: they receive 1.5 shares in Pershing Square Inc. for every 5 shares purchased in the closed-end fund. By contrast, public market participants in the IPO will receive 20 management company shares for every 100 closed-end fund shares purchased at $50 per share. The bundled structure ensures that cornerstone investors and public shareholders receive meaningful economic participation in the management company while preserving control dynamics.

Pershing Square's fund carried approximately $30.7 billion in total assets under management as of year-end 2025, with $20.7 billion classified as fee-paying assets. The closed-end fund will carry a 2% annual management fee with no performance-based fee component. Voting control of Pershing Square Inc. will be retained by a vehicle jointly held by Bill Ackman, Chief Investment Officer Ryan Israel, and fellow executives following the completion of both offerings. Underwriting duties are divided among Citigroup, UBS, Bank of America, Jefferies, and Wells Fargo.

The IPO carries particular significance as Ackman's second major attempt to launch a publicly traded long-term investment vehicle. His prior 2024 initiative to raise $25 billion for a closed-end fund on the NYSE did not reach completion. The current offering demonstrates sustained institutional confidence in Pershing Square's investment track record, despite the reduced target relative to initial aspirations. Order books were scheduled to close at 4 p.m. New York time on Monday, April 28, with pricing to follow immediately thereafter, though Bloomberg noted that final terms remained subject to revision pending final market conditions.