TLDR
- Bill Ackman’s hedge fund has submitted paperwork to go public on the NYSE with ticker symbol “PS”
- The offering features simultaneous trading of two securities: Pershing Square and Pershing Square USA (PSUS)
- Pre-IPO commitments totaling $2.8 billion have been obtained from institutional and high-net-worth investors
- Leading financial institutions like Citigroup, UBS, and Bank of America will serve as deal underwriters
- The billionaire investor models his permanent-capital strategy after Warren Buffett’s Berkshire Hathaway approach
On Tuesday, Bill Ackman’s investment management firm Pershing Square Capital Management submitted regulatory documents to begin trading on the New York Stock Exchange with the ticker “PS.”
Pershing Square Inc. files for an IPO, in a deal that would see billionaire Bill Ackman’s hedge fund make its debut on a US exchange alongside a new closed-end fund https://t.co/VYkjJeYh65
— Bloomberg (@business) March 10, 2026
This regulatory filing represents a significant milestone for the activist investor, who has spent years working toward creating a publicly accessible investment vehicle inspired by Warren Buffett’s Berkshire Hathaway.
The proposed listing features an unconventional dual-security arrangement. Both Pershing Square’s primary shares and its U.S. closed-end fund Pershing Square USA (PSUS) will become available for trading on the NYSE as distinct instruments.
Market participants will have the flexibility to purchase either security independently. This represents the inaugural public availability of Pershing Square’s equity to everyday investors.
According to the filing, the investment firm has successfully secured advance commitments worth $2.8 billion. These pledges originate from various sources including family offices, institutional pension funds, insurance providers, and wealthy individual investors.
The syndicate of underwriters managing this offering includes Citigroup, UBS Investment Bank, Bank of America Securities, Jefferies, and Wells Fargo Securities.
Ackman’s Buffett Blueprint
Ackman has consistently referenced Buffett as his role model in investing. He’s openly identified as a “Buffett devotee” and characterized the Oracle of Omaha as an “unofficial mentor.”
Buffett launched his investment career managing private limited partnerships before acquiring control of Berkshire Hathaway during the 1960s. According to Ackman, this trajectory has fundamentally influenced his vision for establishing a permanent-capital investment vehicle.
“Permanent capital allows us to take a long-term view and be opportunistic during periods of market volatility,” the filing stated.
This structure eliminates the pressure to liquidate portfolio holdings simply to satisfy redemption requests when markets experience turbulence.
Retail Investors in Focus
According to the filing, PSUS represents Pershing Square’s inaugural investment product specifically designed for both everyday retail investors and large institutions in the United States.
With a following exceeding two million users on X (formerly Twitter), Ackman sees the public offering as a strategic opportunity to engage his substantial social media audience.
The firm previously attempted to launch PSUS publicly in 2024 but abandoned those plans. This latest filing resurrects that initiative as a component of a more comprehensive dual-listing structure.
Pershing Square maintains a focused investment approach targeting major large-capitalization corporations. The firm’s founder has built his reputation on bold, sometimes confrontational activist investment campaigns.
The IPO documentation was officially filed on Tuesday, March 10, 2026.
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