Ackman launches $10B dual IPO strategy

Bill Ackman has unveiled a dual IPO plan for Pershing Square entities, targeting a combined raise of $5 billion to $10 billion.

The offering includes Pershing Square USA (PSUS), a closed-end fund, and Pershing Square Inc. (PSI), which will act as the parent company of Pershing Square Capital Management.

Investors purchasing 100 PSUS shares in the IPO will receive 20 PSI shares at no additional cost, according to the filing.

“Our investment strategy involves the acquisition and long-term ownership of what we consider to be some of the greatest businesses and long-term compounders of shareholder value,”

Ackman said.

The structure is designed to provide permanent capital and support long-term investment strategies, with Ackman aiming to build one of the world’s most valuable investment firms.

Ackman’s move comes as he continues to focus on traditional markets, despite evolving views on digital assets and limited personal exposure to crypto-related ventures.

Neither of the proposed IPO entities will offer direct crypto exposure, reinforcing Pershing Square’s core strategy centred on conventional investments.