April 28 (Reuters) – Bill Ackman’s Pershing Square has raised $5 billion for its new closed-end fund that is part of a combined U.S. initial public offering of the alternative asset management company, the firm said on Tuesday.
The IPO marks the realization of Ackman’s long‑held dream of a flagship fund listed in New York. The new vehicle is Pershing Square’s first fund without performance fees marketed to both U.S. institutional and retail investors.
Ackman previously tried taking the new fund, Pershing Square USA (PSUS), public in 2024 but pulled the IPO days before its New York debut as demand was less than initially expected.
Pershing Square USA and Pershing Square will begin trading on the NYSE under the symbols “PSUS” and “PS,” respectively, on Wednesday.
Family offices, pension funds, insurance companies, and high-net worth investors had lined up to grab a piece of Ackman’s investment prowess some 22 years after he founded his hedge fund Pershing Square Capital Management in New York.
Reuters had reported on Monday the IPO was oversubscribed, with more than 85% of orders coming from institutional investors.
(Reporting by Arasu Kannagi Basil in Bengaluru, Carlos Méndez in Mexico City; Editing by Sriraj Kalluvila)
Comments