Bill Ackman’s Pershing Square completed a combined U.S. share placement and initial public offering on Tuesday, raising approximately $5 billion in gross proceeds, the firm said in a statement.
The closed-end fund Pershing Square USA - described by the company as Ackman’s U.S. vehicle - is scheduled to begin trading on the New York Stock Exchange on Wednesday under the ticker PSUS. At the same time, Pershing Square Inc, the management company that oversees Ackman’s fund strategies, will commence trading under the symbol PS.
The company said that gross proceeds attributable to Pershing Square USA from the combined IPO and placement total $5 billion. That figure aligns with earlier media reporting about the size of the offering.
Market sources and the company noted that the transaction emerged as one of the largest U.S. offerings in recent years and stands as the largest IPO on record for a closed-end fund structure.
Reports indicated strong demand for the deal, with the offering described as oversubscribed and more than 85% of orders originating from institutional investors. Those demand metrics underpinned the large size of the placement and helped secure the gross proceeds the firm announced.
Bill Ackman founded Pershing Square Capital Management in New York in the early 2000s. Ackman rose to prominence through activist and turnaround campaigns at a range of public companies, including Chipotle Mexican Grill and Canadian Pacific Railway. His track record also includes a notable profitable strategy during the 2008 subprime mortgage crisis, when Pershing Square purchased credit default swaps on corporate bonds and MBIA debt - a position that the firm says produced a windfall estimated between $1.4 billion and $2.6 billion.
Pershing Square Holdings, a separate closed-end fund listed in London, has delivered substantial gains recently, up nearly 53% over the past five years, according to published performance figures.
Context on investment tools mentioned in prior coverage
Some previously circulated promotional material referenced an AI-driven stock selection tool that evaluates names such as PSHP across multiple financial metrics and highlighted past winners. Those references were framed as examples of model-driven idea generation and did not alter the fundamental details of the offering described above.