Bill Ackman (pictured), founder of Pershing Square
Pershing Square, the hedge fund founded by billionaire Bill Ackman, has filed for an initial public offering on the New York Stock Exchange.
Pershing Square revealed today (10 March) that it has filed for an IPO with the US Securities and Exchange Commission (SEC).
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It has filed for a dual listing of Pershing Square Capital Management, Ackman's hedge fund, and Pershing Square USA, a closed-ended fund, with the aim to raise between $5bn and $10bn from the IPO.
Investors will be able to purchase shares at $50 and, for every 100 shares of Pershing Square USA shares bought at IPO, investors will also receive 20 shares of ordinary stock in the management company, Pershing Square Capital Management.
The closed-ended fund and the hedge fund will trade under separate tickers, PSUS and PSI, respectively.
According to the filing, Pershing Square has already secured $2.8bn of investment from a "private placement", which will count towards the $10bn aimed for at IPO.
Ackman has been mulling an IPO since 2024 after a crucial investor pulled its backing for the vehicle.
The billionaire also manages a London-listed investment trust, Pershing Square Holdings, with more than £11.3bn of assets.
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According to data from the Association of Investment Companies, Pershing Square Holdings has returned 3.7%, 40.7% and 64.2% over the past one, three, and five years. By comparison, the North America AIC sector has returned 7.9%, 46.4% and 60.2% over the same periods.
Ackman's funds are known for running high conviction limited stock portfolios with positions in companies such as Alphabet, Nike and Universal Music Group.
