IPO Details

About Pershing Square

Pershing Square Capital Management is a hedge fund manager founded in 2004 and led by investor Bill Ackman.

The firm manages approximately $26B+ in assets (as of March 2026) and follows a concentrated, long-term investment approach focused on large-cap public equities.

Its structure includes a 2.0% annual management fee, no performance fee, and approximately 96% permanent capital, supporting long-term positioning.

For the first time, this strategy is being made available to public investors through its NYSE-listed vehicle PSUS.

The IPO Opportunity

This IPO brings an institutional investment strategy to public markets at scale.

It is supported by $2.8B in committed private placement demand ahead of listing.

PSUS will list on the New York Stock Exchange and begin trading shortly after pricing and is positioned as the largest IPO of 2026 to date.

Key Information

• Structure: Closed-end fund (CEF)
• AUM: ~$26B+ (as of March 2026)
• Management Fee: 2.0% per annum
• Performance Fee: None
• Capital Structure: ~96% permanent capital
• Portfolio: 8–12 concentrated holdings
• Exchange: New York Stock Exchange
• Ticker: PSUS
• IPO Price: $50.00 per share
• Private Placement: $2.8B committed

What is PSUS?

PSUS is a closed-end fund (CEF) that provides exposure to an actively managed investment strategy.

It is not an operating company.

Instead, it offers access to a portfolio of 8–12 concentrated large-cap public equity positions, managed over the long term.

Portfolio Exposure

PSUS invests in a concentrated selection of global companies, including:

• Amazon
• Uber Technologies
• Brookfield Corporation
• Other large-cap public equities

The portfolio is actively managed and highly concentrated.

Investment Approach

The strategy is managed by Bill Ackman and focuses on:

• Concentrated public equity investing
• Long-term ownership positions
• Active engagement with portfolio companies
• Value creation through strategic involvement

Track Record Highlights

Selected historical outcomes include:

• MBIA short ahead of the financial crisis
• Chipotle and Restaurant Brands investments
• COVID credit hedge (~$27M → ~$2.6B)
• Canadian Pacific and Hilton activist campaigns

Market Evolution

Pershing Square Capital Management previously operated a listed vehicle in Europe via Euronext Amsterdam (PSH), which delivered approximately 300% growth from 2020 lows.

The structure is now transitioning to the U.S. public markets via the New York Stock Exchange.

Why Consider Pershing Square IPO?

• Access to a concentrated hedge fund strategy
• Exposure to long-term public equity positions
• Institutional participation via $2.8B committed capital
• Permanent capital structure designed for long-term allocation
• Managed by Bill Ackman

Important Information

PSUS is a closed-end fund.

It provides exposure to an actively managed investment strategy rather than a traditional operating business.

Investment decisions and capital allocation are managed by the portfolio manager.