TLDR
- Bill Ackman’s Pershing Square raised $5 billion through a combined IPO and share placement
- The fund will trade on the NYSE under symbols PSUS and PS starting Wednesday
- Over 85% of orders came from institutional investors, making it oversubscribed
- It is the biggest-ever IPO for a closed-end fund in the US
- Investors received one bonus share in the management company for every five PSUS shares bought
Bill Ackman’s Pershing Square has raised $5 billion through a combined initial public offering and share placement in the United States. The firm announced the deal on Tuesday evening.
Bill Ackman’s Pershing Square USA IPO to raise $5 billion. pic.twitter.com/M1bocPyrVy
— Wall St Engine (@wallstengine) April 27, 2026
Two entities will begin trading on the New York Stock Exchange on Wednesday. Pershing Square USA is the new closed-end fund, and Pershing Square Inc is the management company overseeing all of Ackman’s funds.
The IPO is being called the largest-ever for a closed-end fund in the US. It is also one of the largest US offerings in recent years.
The offering was oversubscribed. More than 85% of orders came from institutional investors, including family offices, pension funds, and insurance companies.
Ackman first tried to list Pershing Square USA in 2024. He pulled that attempt days before it was set to launch, citing lower-than-expected demand.
This time, Ackman added an incentive to attract buyers. Investors received one share in Pershing Square, the management company, for every five PSUS shares purchased in the IPO.
What the New Fund Will Do
The new fund will invest in 12 to 15 large-cap North American-listed companies. It is designed to mirror Ackman’s existing hedge fund strategy.
It is also the first Pershing Square fund without performance fees. The fund is marketed to both US institutional and retail investors.
Ackman founded Pershing Square Capital Management in New York in the early 2000s. He built his reputation through activist campaigns at companies including Chipotle Mexican Grill and Canadian Pacific Railway.
He also made a well-known bet against the housing market during the 2008 financial crisis. That trade earned Pershing Square an estimated $1.4 billion to $2.6 billion.
Pershing Square Holdings Track Record
Pershing Square Holdings, the London-listed closed-end fund, has risen nearly 53% over the past five years.
The broader closed-end fund market has been quiet for several years. These vehicles have often traded at a discount to the assets they hold, reducing their appeal to investors.
Citigroup, UBS Investment Bank, BofA Securities, Jefferies, and Wells Fargo Securities served as global coordinators and bookrunners for the combined offering.
Ackman has said a successful listing could lead to more closed-end vehicles from Pershing Square in the future.
The IPO arrives as Elon Musk’s SpaceX is preparing for what could be the largest initial share sale in history, with roadshows expected to begin in early June.
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