Bill Ackman’s Pershing Square has raised $5bn through its combined initial public offering, advancing a long-term plan to reshape the hedge fund manager into a permanent capital investment platform inspired by Berkshire Hathaway, according to a report by Bloomberg.
The fundraising includes a previously disclosed $2.8bn private placement and represents the bulk of a broader IPO that had initially targeted up to $10bn, according to company filings and investor disclosures.
The listing will create two publicly traded entities: Pershing Square USA Ltd, a closed-end investment fund, and Pershing Square Inc, the asset management arm. Together, they form the structure of Ackman’s evolving strategy to expand capital permanence and broaden investor access to the firm’s portfolio.
The capital raise was roughly 85% covered by institutional investors, according to people familiar with the process. The private placement component is conditional on achieving at least $5bn in total proceeds.
The move marks a significant step in Ackman’s long-running effort to reposition Pershing Square into a more durable capital base, similar in structure to long-term holding companies such as Berkshire Hathaway. The firm has increasingly focused on scaling assets and reorganising its structure, including recent moves involving its stake in Howard Hughes Holdings and broader ambitions to build a diversified holding company model.
Pershing Square manages approximately $30.7bn in total assets, with about $20.7bn in fee-earning capital as of the end of 2025, according to filings.
The firm’s performance track record has been mixed in recent years, with its London-listed fund underperforming the S&P 500 over one-, three- and five-year periods, according to Bloomberg data.
The IPO also highlights the growing appeal of closed-end fund structures as a mechanism for permanent capital, though such vehicles can trade at premiums or discounts to underlying asset value, adding complexity for investors.
Under the new structure, Pershing Square USA will charge a 2% management fee and will not levy performance fees, a shift designed to broaden its investor base. Investors in the closed-end fund will also receive additional shares in Pershing Square Inc as part of the offering structure, effectively linking ownership between the two entities.
Existing investors in Pershing Square’s private funds also participated in the transaction, with some rolling over capital into the new structure.
The firm continues to hold concentrated positions in major global companies including Alphabet, Chipotle Mexican Grill, Meta Platforms, Amazon, and Hertz Global Holdings, reflecting its long-term, high-conviction investment approach.
Beyond the IPO, Pershing Square is also pursuing a separate strategic initiative involving Universal Music Group, which it has proposed listing in the US via a potential combination deal valued at roughly $65bn.
The offering was backed by a syndicate of major global banks including Citigroup, UBS, Bank of America, Jefferies, and Wells Fargo, among others.
