Ackman Targets $10 Billion in Dual IPO for Pershing Square and New Fund

Billionaire investor Bill Ackman filed for a simultaneous initial public offering of his management company, Pershing Square Inc., and a new closed-end fund, Pershing Square USA. The dual listing will take place on the New York Stock Exchange under the tickers PS and PSUS.

The offering aims to raise between $5 billion and $10 billion for the new fund. Pershing Square has already secured $2.8 billion in private commitments for the vehicle. The firm scrapped a previous IPO plan for the fund in 2024.

Investors who purchase shares in Pershing Square USA at $50 each will receive shares in the management company at no additional cost. All proceeds from the offering will capitalize the new fund. Pershing Square USA plans to invest in undervalued North American companies.