Bill Ackman's Pershing Square Files for IPO—Here's What Investors Need to Know

Key Takeaways

• Bill Ackman’s Pershing Square on Tuesday filed to go public on the New York Stock Exchange.
• Pershing will have a dual-listing structure for the investment firm and a closed-end fund that will trade under separate tickers.

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It could soon get easier for more investors to hold stakes in Pershing Square.

Bill Ackman’s hedge fund on Tuesday filed for an initial public offering on the New York Stock Exchange. The IPO will use a dual-listing structure, with shares of Pershing Square set to trade under the ticker “PS,” while a closed-end fund trades under the ticker “PSUS.”

The firm said that for every 100 shares purchased of the closed-end fund, investors would receive 20 shares in Ackman’s management company. Shares of the closed-end fund will be offered at $50 per share.

Why This Matters to Investors

Bill Ackman has looked to legendary investor Warren Buffett as a model for Pershing Square, with large, long-term investments in a concentrated group of companies. The firm’s IPO could mark Ackman’s next step in following Buffett, and make Pershing more accessible to a larger group of investors.

Pershing did not disclose how many shares will be sold in the offering, but said it expects to raise between $5 billion to $10 billion in proceeds from the combined IPO. The closed-end fund has already secured $2.8 billion in commitments from a group of investors including family offices, pension funds, insurance companies, and other investors, per the filing.

As of the end of last year, Pershing Square had $30.7 billion in assets under management, with about $20 billion in fee-paying assets and $10 billion from its stake in Howard Hughes Holdings (HHH). In 2025, Pershing Square generated about $250 million in profits on $762.5 million in revenue, the filing showed.

Pershing Square has a publicly traded closed-end fund on the London Stock Exchange listed under “PSH,” which gained 5% following Tuesday’s announcement. It’s lost about 17% of its value since the start of the year, though it’s up about 2% from the same time a year ago.

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Ackman launched Pershing Square in 2004. The firm previously looked to generate $25 billion from an IPO of a closed-end fund before halting the plans in July 2024. At the time, Ackman said the firm would “report back once we are ready to launch a revised transaction.”

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