Bill Ackman’s Pershing Square raises $5 billion for new US fund
Bill Ackman’s Pershing Square has raised $5 billion for its new closed-end fund, Pershing Square USA (PSUS), through a U.S. IPO, marking the launch of its first fee-free fund available to both retail and institutional investors. The fund, along with the parent company trading as PS, will begin trading on the NYSE after a previous IPO attempt was withdrawn due to weak demand. The offering was oversubscribed, with strong interest from institutional investors, family offices, and high-net-worth individuals. This move fulfills Ackman’s long-standing goal of listing a flagship fund in New York.
- ▪Pershing Square raised $5 billion for its new closed-end fund, Pershing Square USA (PSUS), via a U.S. IPO.
- ▪The fund is the firm’s first without performance fees and is accessible to both retail and institutional investors.
- ▪The IPO was oversubscribed, with over 85% of orders coming from institutional investors.
- ▪Pershing Square USA and Pershing Square began trading on the NYSE under the tickers PSUS and PS, respectively.
- ▪Ackman had previously withdrawn a planned IPO of PSUS in 2024 due to insufficient investor demand.
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April 28 (Reuters) - Bill Ackman’s Pershing Square has raised $5 billion for its new closed-end fund that is part of a combined U.S. initial public offering of the alternative asset management company, the firm said on Tuesday. The IPO marks the realization of Ackman’s long‑held dream of a flagship fund listed in New York. The new vehicle is Pershing Square’s first fund without performance fees marketed to both U.S. institutional and retail investors. Ackman previously tried taking the new fund, Pershing Square USA (PSUS), public in 2024 but pulled the IPO days before its New York debut as demand was less than initially expected. Pershing Square USA and Pershing Square will begin trading on the NYSE under the symbols "PSUS" and "PS," respectively, on Wednesday.
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