American billionaire Bill Ackman is moving to take his Pershing Square Capital Management public through a dual listing on the NYSE alongside its PSUS closed-end fund.
The New York-based hedge fund is targeting a $5 billion to $10 billion capital raise, offering PSUS shares at $50 and including Pershing Square stock as part of the deal.
Ackman says the effort is part of his plan to create a permanent-capital investment structure modeled after Warren Buffett’s Berkshire Hathaway.
Having founded Pershing Square in 2004 with $54 million, Ackman has turned it into a $20 billion-plus investment firm focused on undervalued companies.
Pershing Square’s IPO push comes as the fund faces mixed performance. It was down about 10% through February 2026, largely due to heavy exposure to big tech stocks like Alphabet, Meta, and Amazon, which together make up nearly half the portfolio.
Still, the long-term record is strong. Pershing Square returned approximately 34% in 2025, far ahead of the S&P 500’s 18% gain, and has delivered about 16% annual returns since launch.
Recently, the firm added positions in Amazon, Meta, and Hertz while selling long-time holdings such as Chipotle and Nike.
Beyond corporate stakes and activist campaigns, Ackman has adapted his investment philosophy to new asset classes. Since 2022, the billionaire has cautiously embraced Bitcoin, viewing the crypto asset as a possible hedge against inflation, dollar depreciation, and broader economic volatility.
In a 2024 statement, he described a theoretical feedback loop in which rising Bitcoin prices could increase mining energy consumption, potentially fueling inflation and weakening the dollar, which might then boost demand for Bitcoin further.
A scenario:
Bitcoin price rise leads to increased mining and greater energy use, driving up the cost of energy, causing inflation to rise and the dollar to decline, driving demand for Bitcoin and increased mining, driving demand for energy and the cycle continues.
Bitcoin… https://t.co/a5LzX69R7q
— Bill Ackman (@BillAckman) March 9, 2024