Billionaire investor Bill Ackman is preparing to take his Pershing Square Capital Management public on the NYSE. The New York-based hedge fund aims to raise between $5 billion and $10 billion by offering shares in its PSUS closed-end fund alongside Pershing Square stock.
Ackman stated this move mirrors Warren Buffett's Berkshire Hathaway, establishing a permanent-capital investment structure. Since founding Pershing Square in 2004 with $54 million, the firm has grown into a $20 billion-plus investment powerhouse focused on undervalued companies.
The IPO follows a period of mixed performance for Pershing Square. The fund experienced a nearly 10% decline through February 2026, attributed to substantial holdings in major tech companies like Alphabet, Meta, and Amazon. However, the firm's long-term record remains strong, with approximately 34% returns in 2025, significantly outpacing the S&P 500's 18% gain. Since its inception, Pershing Square has delivered roughly 16% in annual returns.
Recent strategic shifts include acquiring positions in Amazon, Meta, and Hertz, while divesting long-held stakes in Chipotle and Nike. Ackman has also explored new asset classes, cautiously embracing Bitcoin since 2022 as a potential hedge against inflation and economic volatility.