Overview
- Bill Ackman is in early talks to take Pershing Square public alongside a new vehicle called Pershing Square USA, according to the Wall Street Journal and the Financial Times.
- Pershing Square USA is expected to be a New York Stock Exchange–listed closed-end fund that would distribute Pershing Square management shares to its investors at no cost, the reports say.
- Partners could give away up to 10% of Pershing Square’s equity under the plan, which some reports suggest could signal a value above the firm’s roughly $10.5 billion 2024 stake-sale valuation.
- Timing is described as targeting early 2026, potentially the first quarter, with both outlets stressing that the effort remains preliminary and subject to market and regulatory conditions.
- Pershing Square declined to comment, and most of the firm’s assets are held in the London-listed Pershing Square Holdings closed-end fund.