Overview
- The Wall Street Journal reports Ackman is weighing simultaneous listings of the management firm and Pershing Square USA as early as the first quarter of 2026.
- Pershing Square USA would be a closed-end vehicle aimed at U.S. investors and is intended to trade on the New York Stock Exchange.
- Partners could give fund investors up to 10% of Pershing Square’s equity as an incentive, the reports say.
- Talks are preliminary and the offerings could be delayed or dropped depending on market conditions, with Pershing Square declining to comment.
- Pershing Square sold a 10% stake for $1.05 billion in 2024, implying about a $10.5 billion valuation, and its London-listed Pershing Square Holdings managed roughly $19.3 billion at the end of October.