Pershing Square has begun marketing a combined US initial public offering (IPO) that will bring both Bill Ackman’s management company and a new investment fund, Pershing Square USA, to the public markets.
The offering is being presented through a roadshow, the standard pre-IPO marketing phase in which a company meets with potential investors to explain its business and fundraising plans.
In this case, Pershing Square USA is designed as a closed-end fund that will invest in a concentrated portfolio of roughly 12 to 15 undervalued North American-listed companies, broadly mirroring the approach of Pershing Square Capital Management.
The IPO is expected to raise between $5 billion and $10 billion, with shares priced at $50 each. Pricing is currently targeted for April 28, and the shares are expected to list on the New York Stock Exchange under the symbols ‘PSUS’ for the fund and ‘PS’ for the management company.
The structure is unusual because it combines a traditional asset management business listing with a new fund in a single transaction.
The management company oversees Pershing Square’s existing hedge fund operations, while the new vehicle is intended to give public investors direct exposure to its investment strategy.
The fund has already secured about $2.8 billion in private placement commitments from institutional investors, including pension funds, family offices, and insurance companies. Those investors will receive additional Pershing Square shares tied to their participation in the offering.
The transaction is being led by a group of major investment banks, including Citigroup, UBS, Bank of America Securities, Jefferies, and Wells Fargo Securities.
Ackman previously attempted to take a similar fund public in 2024, but withdrew the plan shortly before launch after encountering market and structural challenges.