"Bill Ackman is in talks to take his hedge-fund management company Pershing Square public, alongside a new investment entity. The billionaire investor plans to orchestrate a double public offering as soon as early next year, The Wall Street Journal reported Friday night, citing people familiar with the matter. The company filed a prospectus early last year for a new investment fund, Pershing Square USA. But it failed to materialize due to weak investor interest, and now he's trying again."
"This time around, The Journal reported Ackman has sweetened the deal for investors who put money into the new fund by offering free shares of Pershing Square, which would also go public. Partners of the firm would give away up to 10% of their shares, the report said. The Financial Timesreported earlier on Friday that Ackman was readying Pershing Square's public listing, but did not mention plans for the Pershing Square USA fund to go public as well."
"Pershing Square declined to comment to Fortune and hasn't publicly commented on the matter in other reports. Pershing Square USA would be a closed-end fund, meaning it sells a fixed number of shares in a public offering. Shareholders can leave the fund only by selling their stakes to other investors at the current market price, no matter what the fund's actual asset value is."
Bill Ackman plans a double public offering to list his hedge-fund manager Pershing Square and a new investment vehicle, Pershing Square USA. Partners would sweeten investor terms by giving away up to 10% of Pershing Square shares to new fund investors. Pershing Square USA would be a closed-end fund, selling a fixed number of shares and requiring shareholders to sell on market to exit. Pershing Square filed a prospectus in early 2024 but withdrew its IPO in July after weak demand prompted scaling from $25 billion to $2 billion. Preliminary advisor talks suggest a possible listing as soon as early 2026, subject to market conditions.
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