Billionaire Bill Ackman files to take Pershing Square public on the NYSE

American billionaire Bill Ackman wants to take his Pershing Square Capital Management public through a dual listing on the NYSE alongside his PSUS closed-end fund.

The New York-based hedge fund is targeting a capital raise of $5 billion to $10 billion, offering PSUS shares at $50, including Pershing Square shares as part of the deal.

Ackman says the effort is part of his plan to create a permanent capital investment structure modeled after Warren Buffett’s Berkshire Hathaway.

After founding Pershing Square with $54 million in 2004, Ackman has turned it into a more than $20 billion investment firm that focuses on undervalued companies.

Pershing Square’s IPO comes at a time when the fund is experiencing mixed performance. Through February 2026, the price fell about 10%, largely due to its high exposure to major technology stocks such as Alphabet, Meta and Amazon, which together make up almost half of the portfolio.

Still, the long-term record is strong. Pershing Square returned about 34% by 2025, well ahead of the S&P 500’s 18% gain, and has delivered an annualized return of about 16% since launch.

Recently, the company added positions in Amazon, Meta and Hertz, while selling off legacy holdings such as Chipotle and Nike.

In addition to corporate advocacy and activist campaigns, Ackman has adapted his investment philosophy to new asset classes. Since 2022, the billionaire has cautiously embraced Bitcoin, viewing the crypto asset as a potential hedge against inflation, dollar depreciation and broader economic volatility.

In a 2024 statement, he described a theoretical feedback loop in which rising Bitcoin prices could increase mining energy consumption, potentially fueling inflation and weakening the dollar, which could then further boost demand for Bitcoin.

A scenario:

Bitcoin’s price increase leads to more mining and increased energy consumption, which increases energy costs, which increases inflation and causes the dollar to fall, which increases demand for Bitcoin and increased mining, which increases energy demand and continues the cycle.

Bitcoin… https://t.co/a5LzX69R7q

— Bill Ackman (@BillAckman) March 9, 2024