Ackman previously tried to take the new fund, Pershing Square, USA, public in 2024, but canceled the launch days before it was due to start trading.As a sweetener, investors in the new fund will receive 20 shares of Pershing Square for every 100 shares purchased in the new fund.
Pershing Square USA currently expects to raise between $5 billion and $10 billion from the combined transaction. It sells shares for $50 each.
The fund has secured $2.8 billion in commitments from U.S. and international institutional investors, such as family offices, pension funds, insurance companies and ultra-high net worth investors.
“Often, investment banks advise companies considering initial public offerings to delay their offerings during market conditions in which IPO investors are discounting the price they are willing to pay for a company as risk premia rise,” Ackman said in a letter, referring to volatility caused by the U.S.-Israeli war on Iran. disruption, so the better for PSUS’ acquisition program.”
In Pershing Square’s 2025 annual report, Ackman included “the potential for a peace dividend in the Middle East” as one of the top ten drivers for strong economic performance in 2026.
Pershing Square USA, which will invest in 12 to 15 undervalued North American publicly traded companies, is expected to mimic Ackman’s existing hedge fund but offer lower fees and quicker access to capital to broaden its appeal to a broad group of investors.
Pershing Square had sold a 10% stake in the hedge fund to a consortium of institutional investors and family offices in 2024 at a valuation of $10.5 billion, in a precursor to a possible initial public offering.
The hedge fund had about $30.7 billion in assets under management as of the end of December, with the majority invested in Pershing Square Holdings, the closed-end fund listed in London.
PUBLIC RATING
Over the years, Ackman’s investment strategy has evolved from “transactional activism,” pushing for changes at companies to depress the stock price, to creating value as an “insider” by joining the boards of mid-market companies such as mall operator General Growth Properties, which Ackman has touted as his best investment ever.
In contrast to the typically limited public involvement of Wall Street’s largest investment managers, Ackman often muses on social media platform X in lengthy posts that are closely watched by both Wall Street and Capitol Hill.
Citigroup, UBS Investment Bank, BofA Securities, Jefferies and Wells Fargo Securities are the underwriters for the combined IPO.
Pershing Square and Pershing Square USA will be listed on the New York Stock Exchange under the trading symbols “PS” and “PSUS,” respectively.
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