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Bill Ackman · Closed-End Fund · Hedge Fund · IPO
Bill Ackman is reviving his plan for a dual NYSE listing, aiming to take both a new closed-end fund, Pershing Square USA (PSUS), and its prospective management company, Pershing Square Inc.
(PS), public simultaneously. This move seeks to broaden distribution beyond institutional investors, a strategy that includes a bundled offering where IPO participants purchasing Pershing Square USA shares at $50 each will receive a "sweetener" of Pershing Square Inc.
shares at no additional cost. Specifically, retail investors get 20 PS shares for every 100 PSUS, while institutional investors in a $2.8 billion private placement receive 30 PS shares per 100 PSUS.
This structure directly addresses the insufficient demand that led to the failure of Ackman's previous attempt to list Pershing Square USA in 2024. The firm targets an aggregate offering size of at least $5 billion, potentially up to $10 billion, with all net proceeds directed to Pershing Square USA.
The overarching goal is to establish a permanent-capital investment vehicle, enabling long-term, opportunistic investing without redemption pressures.
Ackman Relaunches Dual Pershing Square IPO(current)
