Bill Ackman, CEO of Pershing Square Capital Management, speaking on CNBC’s Squawk Box on October 21, 2025.
CNBC
Outspoken investor Bill Ackman is taking a step toward his long-held ambition of building a publicly traded investment vehicle modeled after Warren Buffett, applying to list his hedge fund firm Pershing Square Capital Management on the New York Stock Exchange.
Pershing Square filed Tuesday to list on the Big Board under the symbol “PS.” The planned listing would give public investors a stake in Ackman’s investment platform, which oversees a concentrated portfolio of large-cap companies, including brookfield, Uber and Amazon at the end of 2025.
The transaction will involve a dual listing structure. Pershing Square’s common stock and shares of its closed-end fund, PSUS, will be listed on the New York Stock Exchange. The securities will be listed simultaneously but traded separately, allowing investors to buy or sell each of them independently. The firm noted that there had previously been no public market for Pershing Square common stock prior to the combined offering.
As part of the combined transaction, Ackman seeks to raise between $5 billion and $10 billion for PSUS and investors can buy shares at $50 each, according to the document. The firm said it expects to deliver 20 shares of Pershing Square Capital Management common stock for every 100 shares of PSUS purchased in the IPO, at no additional cost.
The investment firm said it has secured $2.8 billion in commitments ahead of the offering. According to the document, the capital comes from a combination of family offices, pension funds, insurance companies and ultra-high net worth investors.
The public listing is a move to tap into its following among Main Street investors after amassing more than two million followers on social media platform X. Pershing said PSUS will be its first fund marketed to both U.S. retail and institutional investors.
After a plan to raise up to $25 billion to list its closed-end fund failed in 2024, Pershing Square moved to increase its stake in Howard Hughes Holdings as a platform to acquire majority stakes in other companies.
Buffett as inspiration
Ackman has frequently cited Buffett as the inspiration for how he built and developed his hedge fund management company, founded two decades ago. The Pershing Square founder has described himself as a “Buffett devotee,” saying the 93-year-old investing icon has been his “unofficial mentor” for years and has regularly attended Berkshire Hathaway’s annual shareholder meetings in Omaha, Nebraska.
The investor has noted that Buffett himself began his career running a series of private equity firms – essentially operating as an activist investor and hedge fund manager – before closing those funds in the 1960s and taking control of Berkshire Hathaway, then a struggling textile manufacturer. Ackman has said the transformation helped shape his own vision of building a permanent capital investment platform modeled after Berkshire’s long-term capitalization approach.
“Permanent capital allows us to take a long-term view and be opportunistic during periods of market volatility, without being exposed to the need to raise capital by selling assets to meet repayments during those periods,” the document says.
