American billionaire Bill Ackman is moving to take his Pershing Square Capital Management through a dual listing on the NYSE alongside his PSUS closed-end fund.
The New York-based hedge fund, which aims to raise between $5 billion and $10 billion in capital, is offering PSUS shares at $50 each, including Pershing Square shares, as part of the deal.
Ackman says the effort is part of his plan to create a permanent investment structure modeled after Warren Buffett’s Berkshire Hathaway.
After founding Pershing Square in 2004 with $54 million, Ackman grew it into a $20 billion-plus investment firm focused on undervalued companies.
The IPO money in Pershing’s field comes as the fund faces mixed performance. It’s down about 10% through February 2026, largely due to heavy exposure to big tech stocks like Alphabet, Meta and Amazon, which together make up about half of the portfolio.
However, the long-term record is strong. Pershing Square has returned about 34% in 2025, well ahead of the S&P 500’s 18% return, and has returned about 16% annually since inception.
The company recently added positions in Amazon, Meta and Hertz while selling long-term holdings like Chipotle and Nike.
Beyond corporate stocks and activist campaigns, Ackman has adapted his investment philosophy to new asset classes. As of 2022, the billionaire is cautious about bitcoin, viewing the crypto asset as a potential hedge against inflation, a devaluation of the dollar and broader economic instability.
In his 2024 statement, he described a theoretical loophole in which rising Bitcoin prices could increase mining energy consumption, possibly fuel inflation and weaken the dollar, which could then further increase demand for Bitcoin.
Scenario:
A rise in the price of Bitcoin leads to an increase in mining and more energy use, which raises the cost of energy, leads to a rise in inflation and a decline in the dollar, the demand for Bitcoin and an increase in mining, increases the demand for energy and the cycle continues.
Bitcoin… https://t.co/a5LzX69R7q
— Bill Ackman (@BillAckman) March 9, 2024
