The fund has secured $2.8 billion in commitments from US and international institutional investors such as family offices, pension funds, insurance companies, and ultra-high-net-worth investors.
“While this advice makes sense for operating companies, the opposite is true for IPOs of investment vehicles like PSUS as the greater the stock market disruption, so the better for PSUS’s acquisition program.”
Pershing Square USA, which will invest in 12 to 15 undervalued North American-listed companies, is expected to mimic Ackman’s existing hedge fund but offer lower fees and quicker access to capital to boost its appeal to a wide pool of investors.
Pershing Square had sold a 10% stake in the hedge fund in 2024 to a consortium of institutional investors and family offices at a $10.5 billion valuation as a precursor to a potential IPO.
The hedge fund had about $30.7 billion in assets under management as of December end, with the bulk invested in Pershing Square Holdings (PSHP.L), opens new tab, the closed-end fund listed in London.
Public figure
Over the years, Ackman’s investment strategy has evolved from “transactional activism”, where he pushed for changes at companies to juice the stock price, to creating value as an “insider” by joining the board of medium-sized companies like mall operator General Growth Properties, which Ackman has touted as his best investment ever.
In contrast with the usually limited public engagements seen from Wall Street’s biggest investment managers, Ackman often muses on social media platform X in elaborate posts closely watched by Wall Street as well as Capitol Hill.
Citigroup, UBS Investment Bank, BofA Securities, Jefferies and Wells Fargo Securities are the underwriters for the combined IPO.
Pershing Square and Pershing Square USA will list on the New York Stock Exchange under the trading symbols “PS” and “PSUS”, respectively.
