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- Bill Ackman's hedge fund, Pershing Square, is going public.
- The company said in a Tuesday statement that it has filed for an IPO on the NYSE.
- Pershing Square is seeking to raise at least $5 billion in the IPO, it said.
Pershing Square, the investment fund run by famed investor Bill Ackman, has filed for an IPO, it announced on Tuesday.
Ackman's fund is planning a dual listing of Pershing Square Capital Management and a closed-end investment company, Pershing Square USA, on the New York Stock Exchange.
The company is seeking to raise at least $5 billion for Pershing Square USA in the IPO, it said in a statement announcing the planned listing. It has already secured $2.8 billion from a private placement.
Shares will be priced at $50 each, it added. 20 shares in Pershing Square Capital Management will be given for every 100 shares in Pershing Square USA, it said.
The planned companies will be listed under the stock market tickers "PS" and "PSUS," the statement added.
The two securities will trade separately, but the dual listing status will offer investors individual paths to participate in different parts of the Pershing Square business.
The Pershing Square platform oversees a concentrated portfolio of large-cap companies like Meta, Alphabet, and Uber. It has assets under management of $28.3 billion as of February 2026, most of which is concentrated in 8 to 12 core holdings, according to its most recent annual report.
In February, Pershing Square invested roughly 10% of its capital in Meta. Ackman described Meta as a primary beneficiary of AI integration that was trading at a "deeply discounted valuation."
An IPO is an unusual move for a hedge fund. Hedge fund performance can be volatile, and an IPO will lift the shroud of secrecy that hedge funds are generally accustomed to. But Ackman has grown his personal brand and become outspoken on the economy and politics.
The Pershing CEO has previously indicated that he wants to make Pershing the next Berkshire Hathaway, the multinational investment vehicle that, until January 2026, was led by legendary investor Warren Buffett.