Pershing Square USA was a new US closed-end fund from billionaire hedge fund manager, Bill Ackman, that was slated to go public on August 6, 2024. Ackman’s hedge fund, Pershing Square Capital Management (PSCM), was going to serve as the fund’s advisor.
On July 31, 2024, Pershing Square released a statement announcing that it had withdrawn its previously announced IPO.(1) According to the statement, Pershing Square intends to “reevaluate PSUS’s structure to make the IPO investment decision a straightforward one” and “will report back once we are ready to launch a revised transaction.”
Pershing Square Capital Management had over $18.6 billion in assets under management as of June 2024, company filings show.
We will update this page if and when new information about the IPO emerges.
Here’s what we know about the Pershing Square USA IPO according to recent filings:
The Pershing Square USA IPO was set for August 6, 2024, but the IPO has since been withdrawn.
Pershing Square said on Tuesday, July 30, 2024, that its new US portfolio intended to raise roughly $2 billion in capital, significantly lower than the $25 billion initially expected.(2),(3)
Pershing Square USA was priced at $50 per share.
Pershing Square USA was intended to be listed on the New York Stock Exchange under the ticker symbol PSUS.
The fund was planned to be structured as a non-diversified, closed-end management company.
The fund’s management fee was going to be waived for the first 12 months, and then an annual fee of 2% of net asset value, payable quarterly, would have applied. No performance fee was included.
The fund was going to be a concentrated portfolio of “high-quality, large-capitalization, publicly-traded growth companies,” with 12 to 15 core equity positions.(4)
Bill Ackman’s Pershing Square Capital Management was going to manage the new Pershing Square USA fund.
While plans for a Pershing Square USA IPO have been withdrawn, Bill Ackman’s Pershing Square Holdings is currently a publicly-traded company listed on Euronext Amsterdam under ticker symbol PSH. However, it trades over-the-counter in the US under the symbol PSHZF.
Here’s how to invest in Pershing Square Holdings:
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