Billionaire Ackman's hedge fund has filed for an IPO. He wants to raise up to $10 billion

Billionaire Bill Ackman is going to take his hedge fund Pershing Square Capital Management to the New York Stock Exchange. On March 10, he filed an application for an initial public offering under the ticker PS.

The deal will include a dual listing: Pershing Square common stock and shares of the new closed-end investment fund PSUS will appear on the exchange at the same time, they will be traded separately. In the combined offering, Ackman intends to raise between $5 billion and $10 billion for PSUS. Investors will be able to buy its securities for $50 apiece, the filing said. The fund will also provide 20 shares of Pershing Square common stock for every 100 shares of PSUS purchased in the IPO, free of charge. Pershing said PSUS will be their first fund to target both retail and institutional investors simultaneously.

Pershing said it has preliminarily raised $2.8 billion in investor commitments, including family offices, pension funds, insurance companies and ultra-high net worth investors.

The listing would be an important step in Ackman's long campaign to create a publicly traded investment company modeled after Warren Buffett, Bloomberg notes. After a plan to raise up to $25 billion for a closed-end fund in 2024 that was also to be traded on the New York Stock Exchange fell through, Pershing switched his focus to increasing his stake in Howard Hughes Holdings to use it as a platform to acquire controlling stakes in other companies. Eckman said he wanted to make Howard Hughes "a modern Berkshire."

The founder of Pershing has repeatedly described himself as a devoted Buffett fan and acknowledged that it was Buffett who inspired him in the way he built and grew his hedge fund management company.

Ackman's investment strategy relies on a concentrated portfolio. At the end of 2025, Pershing had only 13 different positions, including bets on three technology companies - Meta, Alphabet and Amazon. That said, it invested in Amazon and Meta last year. Also in the fourth quarter, the fund bought shares of car rental chain Hertz: he called those securities an opportunistic investment.

Pershing closed positions in restaurant chain Chipotle Mexican Grill, Canadian railroad operator Canadian Pacific Kansas City and sportswear and sneaker maker Nike at the end of 2025, and sold securities in hotel chain Hilton Worldwide in 2026.

This article was AI-translated and verified by a human editor