You May Soon Be Able to Invest in Bill Ackman’s Hedge Fund

Billionaire investor Bill Ackman is moving forward with plans to list his hedge fund, Pershing Square Capital Management, on the New York Stock Exchange (NYSE) through a dual initial public offering (IPO). This move allows investors a potential stake in the hedge fund management company by purchasing shares of a new closed-end fund.

The structure of the offering involves both Pershing Square’s common shares and shares of its closed-end fund, PSUS, trading separately on the NYSE. Previously, there was no public market for Pershing Square’s common stock according to a filing with the SEC.

IPO Details and Fundraising Goals

Ackman aims to raise between $5 billion and $10 billion for PSUS, with shares priced at $50 apiece as reported by CNBC. As part of the offering, investors purchasing 100 shares of PSUS will receive 20 shares of Pershing Square Capital Management’s common stock at no additional cost as detailed in Fortune. The firm has already secured $2.8 billion in commitments ahead of the offering according to Investors.com.

Following the Buffett Model

Ackman has expressed his ambition to create an investment vehicle modeled after Warren Buffett’s Berkshire Hathaway as noted by Fortune. This move is seen as a step towards gaining “permanent capital” and attracting investors through his active presence on social media, where he has over 2 million followers.

Key Holdings in Pershing Square’s Portfolio

Whereas awaiting the IPO, investors can gain insight into Pershing Square’s current holdings through recent disclosures. As of the end of 2025, approximately 48% of the firm’s managed stock portfolio is concentrated in three companies:

1. Brookfield Corp. (17.5%)

Ackman highlights two key factors driving his positive outlook on Brookfield Corp. First, its growing annuities and insurance business, Brookfield Wealth Solutions, which aims to expand from $120 billion to $600 billion in invested assets. Second, the anticipated increase in carried interest income from its asset management business, with distributable earnings expected to climb 25% in the current year.

2. Uber (15.9%)

Ackman believes concerns about disruption from self-driving cars are overblown, leading to an attractive valuation for Uber. The company has established partnerships with Alphabet’s Waymo and Amazon’s Zoox to integrate robotaxis into its platform, with early results showing positive user engagement. Uber’s core ridesharing and delivery business continues to demonstrate growth, with a 22% year-over-year increase in trips and expanding EBITDA margins.

3. Alphabet (14.8%)

Alphabet has benefited from advancements in artificial intelligence, particularly through AI Overviews in Google Search, which have maintained monetization rates. Generative AI tools are improving ad targeting and campaign effectiveness, leading to accelerated revenue growth in Google Search. Demand for Google Cloud’s compute services has similarly surged due to the AI boom, with operating margins expanding to 24%.