Key Takeaways
- • Dual IPO filing: Bill Ackman's Pershing Square filed for combined initial public offerings of both his flagship hedge fund and a new closed-end fund (Pershing Square USA) on the New York Stock Exchange, with ticker symbols "PS" and "PSUS" respectively.
- • Capital raising target: The combined transaction is expected to raise between $5 billion and $10 billion, with $2.8 billion already secured in commitments from institutional investors including family offices, pension funds, and insurance companies.
- • Prior valuation established: Pershing Square sold a 10% stake in the hedge fund in 2024 to institutional investors and family offices at a $10.5 billion valuation, setting the foundation for the current IPO.
- • Retry after 2024 failure: This filing represents a second attempt to take Pershing Square USA public; Ackman scrapped a similar offering in 2024 just days before trading was scheduled to commence.
- • Syndicate of five underwriters: Citigroup, UBS Investment Bank, BofA Securities, Jefferies, and Wells Fargo Securities are jointly underwriting the dual offering, positioning it among a small cohort of publicly traded alternative asset managers.
Summary
Billionaire activist investor Bill Ackman has filed for dual initial public offerings that will bring both Pershing Square Capital Management and a new investment vehicle, Pershing Square USA, to public markets. The filings were submitted on March 10, 2026, to list on the New York Stock Exchange under separate ticker symbols—"PS" for the hedge fund and "PSUS" for the new closed-end fund. This milestone represents a significant step for Ackman, who has built Pershing Square into one of Wall Street's most prominent investment platforms through high-profile activist campaigns at companies including Chipotle Mexican Grill and Canadian Pacific.
The combined transaction targets a capital raise of between $5 billion and $10 billion, with institutional demand already demonstrated through $2.8 billion in commitments secured from qualified investors spanning U.S. and international family offices, pension funds, insurance companies, and ultra-high-net-worth individuals. Notably, investors in Pershing Square USA will receive shares in the flagship Pershing Square hedge fund as a structural incentive. The hedge fund's prior valuation floor was established in 2024 when Pershing Square sold a 10% stake to a consortium of institutional investors and family offices at a $10.5 billion valuation—a transaction designed to precede a broader public offering.
This IPO filing constitutes a second attempt by Ackman to take Pershing Square USA public; he abandoned an identical effort in 2024 just days before the offering was scheduled to commence trading. The current filing suggests renewed market conditions and investor appetite for publicly traded alternative asset managers. A syndicate of five major investment banks—Citigroup, UBS Investment Bank, BofA Securities, Jefferies, and Wells Fargo Securities—will jointly underwrite the offerings. By executing this dual listing structure, Pershing Square will join a select group of publicly traded alternative asset management firms, providing retail and institutional investors alike with direct exposure to Ackman's investment strategy and operational performance.
The combined transaction targets a capital raise of between $5 billion and $10 billion, with institutional demand already demonstrated through $2.8 billion in commitments secured from qualified investors spanning U.S. and international family offices, pension funds, insurance companies, and ultra-high-net-worth individuals. Notably, investors in Pershing Square USA will receive shares in the flagship Pershing Square hedge fund as a structural incentive. The hedge fund's prior valuation floor was established in 2024 when Pershing Square sold a 10% stake to a consortium of institutional investors and family offices at a $10.5 billion valuation—a transaction designed to precede a broader public offering.
This IPO filing constitutes a second attempt by Ackman to take Pershing Square USA public; he abandoned an identical effort in 2024 just days before the offering was scheduled to commence trading. The current filing suggests renewed market conditions and investor appetite for publicly traded alternative asset managers. A syndicate of five major investment banks—Citigroup, UBS Investment Bank, BofA Securities, Jefferies, and Wells Fargo Securities—will jointly underwrite the offerings. By executing this dual listing structure, Pershing Square will join a select group of publicly traded alternative asset management firms, providing retail and institutional investors alike with direct exposure to Ackman's investment strategy and operational performance.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.