Bill Ackman has filed for two US IPOs covering both his hedge fund Pershing Square Capital Management and a newly created investment vehicle, in a move that would place the firm among a small group of publicly listed alternative asset managers, according to a report by Reuters.
The vehicle, Pershing Square USA, is designed to invest in a concentrated portfolio of 12 to 15 undervalued North American-listed companies. The combined transaction is expected to raise between $5bn and $10bn, with shares priced at $50 each.
Investors in the new fund will receive additional shares in Pershing Square as part of the structure, with 20 shares in the management company offered for every 100 shares purchased in Pershing Square USA.
The filings come after Ackman shelved a previous attempt to list Pershing Square USA in 2024 shortly before trading was due to begin. The new vehicle has already secured about $2.8bn in commitments from institutional investors, including family offices, pension funds and insurance companies.
Pershing Square oversees roughly $30.7bn in assets and is best known for its activist investment strategy. Over the years, Ackman has taken high-profile positions in companies such as Chipotle Mexican Grill and Canadian Pacific Railway.
The IPOs are expected to list on the New York Stock Exchange under the ticker symbols PS and PSUS. The deal is being underwritten by a syndicate of banks including Citigroup, UBS, Bank of America, Jefferies and Wells Fargo.
