Catenaa, Tuesday, March 10, 2026- Bill Ackman’s Pershing Square USA Ltd has applied for an IPO with a combined offering for Ackman’s hedge fund and a new closed-end fund.
The initial public offering for Pershing Square USA Ltd., the closed-end fund, would also give investors stakes in Pershing Square Inc., his alternative asset management firm, according to filings with the US Securities and Exchange Commission.
For every 100 shares of the closed-end fund’s IPO purchased, the investor will receive 20 shares of the management company, according to the filing.
Ackman is looking to raise between $5 billion and $10 billion for Pershing Square USA in the combined deal, with investors who buy shares in the closed-end fund at $50 apiece receiving the management firm’s shares for no additional cost.
The offering marks a fresh attempt by Ackman to bring his long-term investment strategy to a broader base of investors, with a vision inspired by Warren Buffett’s Berkshire Hathaway.
After a plan to raise as much as $25 billion for a New York Stock Exchange-listed closed-end fund floundered in 2024, Pershing Square pivoted a few months later to boost its stake in Howard Hughes Holdings as a vehicle to take majority stakes in other firms.
In a letter to Pershing Square investors, Ackman noted recent market volatility, including the war in Iran, and said that, unlike operating companies considering IPOs, stock market disruption actually helps Pershing Square USA’s acquisition program.
“Pershing Square has been a long-term beneficiary of the opportunity to buy superb companies at bargain prices driven by macro events that did not have a material impact on their long-term intrinsic values,” Ackman wrote. “We believe now is one of these opportune times.”
The alternative asset manager has roughly $30.7 billion in total assets under management, with $20.7 billion of that in fee-paying assets as of the end of 2025, according to Pershing Square Inc.’s Tuesday filing.
