Bill Ackman Aims to Turn Pershing Square Into 'Modern-Day' Berkshire Hathaway

Ackman files to take Pershing Square public, seeking to emulate Warren Buffett's playbook of permanent capital.

Mar. 11, 2026 at 7:51am

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Bill Ackman, the founder of Pershing Square Capital Management, has filed to take his hedge fund public in an effort to create a 'modern-day' version of Warren Buffett's Berkshire Hathaway. Ackman, who has long admired Buffett, hopes to gain access to 'permanent capital' through the public listing that will allow him to take a long-term investment approach, similar to how Buffett has transformed Berkshire over decades.

Why it matters

Ackman's move to take Pershing Square public is a bold attempt to emulate the success of Berkshire Hathaway, one of the most successful conglomerates in the world. By gaining access to permanent capital, Ackman aims to replicate Buffett's ability to make long-term investments and let compounding do the work, rather than having to manage short-term investor demands.

The details

Pershing Square filed to be listed on the New York Stock Exchange, Ackman's second attempt to take the company public after a failed $25 billion IPO in 2024. This time, Ackman is aiming to raise between $5-$10 billion and will list both the closed-end fund and Pershing Square's parent company. Investors who buy 100 shares of the closed-end fund will automatically receive 20 free shares of Pershing Square. Ackman believes this approach will give him better access to deep-pocketed U.S. investors and allow Pershing to replicate Buffett's success by gaining 'permanent capital' that can't be easily revoked by investors.

  • Pershing Square filed to go public on Tuesday, March 11, 2026.
  • Ackman previously attempted a $25 billion IPO for Pershing Square in 2024, which failed.

The players

Bill Ackman

The founder of Pershing Square Capital Management, who has long admired Warren Buffett and seeks to emulate Buffett's success in building Berkshire Hathaway.

Warren Buffett

The legendary investor and chairman of Berkshire Hathaway, whom Ackman has described as an 'unofficial mentor' and whose playbook he aims to follow.

Pershing Square Capital Management

The hedge fund founded by Bill Ackman that is seeking to go public in order to gain access to 'permanent capital' and emulate Berkshire Hathaway.

Berkshire Hathaway

The highly successful conglomerate built by Warren Buffett, which Ackman hopes to replicate with Pershing Square.

Howard Hughes Holdings (HHH)

The real estate developer that Ackman previously tried to use as a 'modern-day version of Berkshire' before taking a controlling stake in the company.

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What they’re saying

“I've been a kind of Warren Buffett devotee, unofficial—he's been my unofficial mentor for many years.”

— Bill Ackman

“The access to the permanency of that capital gave him the ability to take a—kind of a very long-term view in a world where people in the investment management business generally have to make short-term decisions because their capital, you know, it can leave.”

— Bill Ackman

“Competing against investment managers with short-term capital is an important long-term, sustainable competitive advantage for Pershing Square, particularly in a world where a seemingly ever-increasing proportion of capital is managed with shorter-term investment objectives.”

— Bill Ackman

What’s next

Ackman will need to navigate the IPO process and gain approval from regulators and investors for his plan to transform Pershing Square into a 'modern-day Berkshire Hathaway'.

The takeaway

Bill Ackman's bold move to take Pershing Square public is a clear attempt to emulate the success of Warren Buffett's Berkshire Hathaway by gaining access to permanent capital that will allow him to make long-term investments. If successful, it could establish Pershing Square as a major force in the investment management industry, but the path forward is not without challenges.