Bill Ackman Plans to List Both Pershing Square and a New Fund at Once

Ackman Eyes Rare Dual IPO for Pershing Square and New Fund

This is a developing story.

BILL ACKMAN—Bill Ackman on Monday laid out plans to list both his hedge-fund management company and a new investment vehicle on a U.S. exchange, a simultaneous flotation that is almost unheard of in the alternative-asset world. The billionaire told investors the structure would preserve the strategy that has returned roughly 17% annually since 2004 while opening permanent capital channels for future deals.

• Pershing Square Holdings, the closed-end fund that now trades in London, would move its listing to New York.
• A brand-new fund would be created and floated alongside it, housing strategies not held in the legacy portfolio.
• Ackman would retain voting control of the management company through a dual-class share structure.
• No timetable was given; filings are expected “when ready,” people familiar said.

Why Two Listings at Once?

Ackman wants to lock in permanent capital for old and new strategies

The hedge-fund industry normally goes public by listing only a fund, leaving the management company private. Ackman’s proposal flips that script. By floating both entities he could:

• Sell equity in the operating business, capturing fees that now flow to a small group of partners.
• Raise fresh, lock-up-free capital in a new vehicle to pursue acquisitions, activist stakes or real-estate plays without disrupting the concentrated bets in Pershing Square Holdings.

Investors would be able to own slices of two separate pools: the legacy portfolio heavy on Consumer and restaurant names such as Hilton and Chipotle, and a blank-slate fund that could move faster on special-purpose vehicles or private deals. Ackman told limited partners the dual-track plan “maximizes optionality” while giving public shareholders the same fee structure that has drawn billions to the firm’s hedge funds.

A London-Listed Fund Looking for a New Home

The closed-end fund has traded at a chronic discount in Europe

Pershing Square Holdings listed in London in 2014 and Amsterdam in 2017, but its shares have often changed hands for less than the value of its stock portfolio. Moving the primary quote to New York, where most of its holdings are domiciled, could narrow that gap, analysts said. Ackman has spent $500 million of firm capital buying back stock when the discount exceeded 25%, actions he says would be easier to explain to a U.S. shareholder base already familiar with activist investing. The new structure would also let index funds and pension mandates that are restricted to U.S.-listed securities add exposure, potentially creating a larger, more liquid float.

Control and Fees

A dual-class share setup is designed to keep decision-making centralized

Ackman intends to hold super-voting shares in the management company, giving him effective control over investment and corporate-governance decisions even after the public offering. Fee income from both pools would flow to the listed manager, producing a more predictable earnings stream than performance fees alone. That prospect has already drawn informal interest from crossover funds that own asset-managers such as Blackstone and KKR, according to people close to the discussions. No underwriting banks were named and pricing terms have not been set, but advisers say a roadshow would emphasize Ackman’s 20-year record and the low staff count—about 100 employees—that keeps fixed costs unusually low for a multi-billion-dollar asset manager.

What Happens Next

Filings, roadshows and regulator feedback lie ahead

The plan is still subject to approval by the Securities and Exchange Commission and the boards of the various Pershing Square entities. If cleared, the twin offerings would mark the first time a hedge-fund manager has listed both an operating company and a fresh investment vehicle together. Investors will be watching whether the structure can avoid the volatility that has dogged some listed alternative-asset managers, and whether the new fund can deploy capital quickly enough to justify the fees. Until paperwork is published, the timeline remains fluid; one person involved said late 2026 is possible, though not guaranteed.