Billionaire investor Bill Ackman is targeting a $5bn initial public offering for his US-listed closed-end fund, to be launched alongside an IPO of his hedge fund firm Pershing Square Capital Management, according to a report by Bloomberg.
As part of the launch, early investors in the closed-end fund are to receive free shares in Pershing Square as an incentive. Up to 10% of the firm’s equity may be offered in tandem with the dual listing. $2bn of the IPO is expected to be raised from well-known institutional investors.
The dual IPO could materialise as early as the first quarter of 2026, although the timing and final structure remain subject to market conditions.
The plan marks Ackman’s first major fund launch in several years and follows the abandonment of a prior listing attempt — a US-listed fund originally pitched for $25bn that was pulled in July 2024 after only raising $2bn.
