Billionaire investor Bill Ackman is preparing to launch a unique dual public offering, which will take both his investment management firm Pershing Square and a new investment fund public.
Details of the Offering
Ackman aims to launch the initial public offering (IPO) in early 2026. The offering will include a new closed-end fund, Pershing Square USA, Ltd., which will be aimed at U.S. retail investors and will trade on the New York Stock Exchange. The fundraising for this vehicle was initially paused in July 2024 but is now set to move forward as part of the dual public offering.
Closed-End Fund to Offer Stakes in Pershing Square
The closed-end fund will offer investors a unique opportunity to gain stakes in Pershing Square. Investors who invest in the fund will receive shares in the management company for free. Partners of Pershing Square are expected to give away up to 10% of shares in the firm, which could be valued at over $10.5 billion.
Pershing Square’s Current Status
Pershing Square currently manages around $20 billion in assets and has shifted its focus from traditional activist investing to making concentrated bets on large public companies. The firm’s elevated public profile, thanks in part to Ackman’s outspoken commentary on social and political issues, could support broader retail interest in the new fund.
Key Points
- Pershing Square and a new investment fund will be taken public in a dual IPO in early 2026.
- The new closed-end fund, Pershing Square USA, Ltd., will trade on the New York Stock Exchange.
- Investors in the closed-end fund will receive shares in Pershing Square for free.
- The valuation of Pershing Square could be well over $10.5 billion.
Additional Information
Pershing Square did not immediately respond to requests for comment on the upcoming dual public offering. The firm’s plans for the IPO are subject to change, but Ackman’s team is working to move forward with the offering in early 2026.