Pershing Square Capital Management, led by investor Bill Ackman, has filed to list on the New York Stock Exchange (NYSE) under the symbol "PS". This move aims to establish a publicly traded investment vehicle.
Listing Structure and Capital Raise
The planned listing involves a dual structure, where Pershing Square's common shares and its closed-end fund, PSUS, will both trade on the NYSE concurrently but separately. This allows investors to trade each security independently.
As part of this offering, Ackman seeks to raise between $5 billion and $10 billion for PSUS. Shares will be available at $50 apiece.
Investors who purchase 100 PSUS shares in the initial public offering are expected to receive 20 shares of Pershing Square Capital Management's common stock at no extra charge.
Pershing Square has already secured $2.8 billion in commitments for the offering from various sources, including family offices, pension funds, insurance companies, and ultra-high-net-worth investors. PSUS will be the firm's first fund marketed to both U.S. retail and institutional investors.
Strategic Vision
Ackman has frequently cited Warren Buffett's investment philosophy as his inspiration for developing his hedge fund management company. He aims to build a permanent-capital investment platform, similar to Berkshire Hathaway's long-term compounding approach.
This structure allows the firm to maintain a long-term view and act opportunistically during volatile market periods, without the pressure of needing to sell assets to meet redemptions.