Bill Ackman's Pershing Square Files for IPO

Investors to gain new ways to hold stakes in Ackman's hedge fund

Mar. 10, 2026 at 4:06pm

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Bill Ackman's Pershing Square hedge fund has filed for an initial public offering on the New York Stock Exchange. The IPO will use a dual-listing structure, with shares of Pershing Square trading under the ticker "PS" and a closed-end fund trading under the ticker "PSUS". Pershing expects to raise between $5 billion to $10 billion in proceeds from the combined IPO.

Why it matters

The Pershing Square IPO could mark Ackman's next step in following the model of legendary investor Warren Buffett, making Pershing more accessible to a larger group of investors. Pershing Square has looked to Buffett's approach of making large, long-term investments in a concentrated group of companies.

The details

For every 100 shares purchased of the closed-end fund, investors will receive 20 shares in Ackman's management company. Shares of the closed-end fund will be offered at $50 per share. As of the end of last year, Pershing Square had $30.7 billion in assets under management, with about $20 billion in fee-paying assets and $10 billion from its stake in Howard Hughes Holdings (HHH). In 2025, Pershing Square generated about $250 million in profits on $762.5 million in revenue.

  • Pershing Square filed for the IPO on Tuesday, March 10, 2026.
  • Pershing previously looked to generate $25 billion from an IPO of a closed-end fund before halting the plans in July 2024.

The players

Bill Ackman

The founder and CEO of Pershing Square Capital Management.

Pershing Square Capital Management

A hedge fund founded by Bill Ackman in 2004 that has looked to follow the investment approach of Warren Buffett.

Howard Hughes Holdings (HHH)

A real estate company in which Pershing Square has a significant stake, accounting for $10 billion of Pershing's $30.7 billion in assets under management.

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What’s next

The IPO is expected to raise between $5 billion to $10 billion in proceeds from the combined offering of Pershing Square shares and the closed-end fund.

The takeaway

The Pershing Square IPO could make Ackman's hedge fund more accessible to a wider group of investors, following the model of Warren Buffett's Berkshire Hathaway. The dual-listing structure and closed-end fund will provide new ways for investors to hold stakes in Pershing Square.