Bill Ackman is preparing a $5 billion IPO for a new U.S.-listed closed-end fund — set to debut alongside the IPO of Pershing Square Capital Management in early 2026, according to sources familiar with the plan.
The new closed-end fund will mirror Ackman’s flagship hedge fund, but with lower fees and faster investor access, opening the door to pension funds, endowments, and retail investors typically excluded from hedge funds.
🔑 Key Highlights
- Investors will receive free Pershing Square shares as part of the launch incentive.
- Original plans targeted up to $25B, but were downsized amid shifting market conditions.
- Pershing Square AUM: $21B, primarily via Pershing Square Holdings (London-listed).
- PSH returns: +17.2% YTD, with double-digit performance in 2023 and 2024.
- Recent deals include acquiring nearly 50% of Howard Hughes this year.
- Ackman’s influence extends far beyond markets — with 1.8M followers on X, where he increasingly shapes public debate.
This marks Ackman’s first new fund in years, offering investors direct exposure to one of the most closely watched hedge fund strategies in the world.