Key Takeaways
- Bill Ackman’s investment firm filed to go public on the NYSE with ticker symbol “PS”
- Dual-listing structure includes both Pershing Square and Pershing Square USA (PSUS) as separate securities
- Pre-IPO commitments total $2.8 billion from institutional and ultra-wealthy investors
- Leading underwriters include Citigroup, UBS, Bank of America, Jefferies, and Wells Fargo
- The structure mirrors Warren Buffett’s Berkshire Hathaway permanent-capital approach
Bill Ackman is moving ahead with plans to take Pershing Square Capital Management public, submitting paperwork Tuesday for a New York Stock Exchange listing with the ticker “PS.”
This filing represents a significant milestone for the hedge fund manager, who has spent years working toward creating a publicly traded vehicle inspired by Warren Buffett’s Berkshire Hathaway.
The transaction features an unusual dual-listing arrangement. Both Pershing Square’s main common stock and shares of its closed-end U.S. fund, Pershing Square USA (PSUS), will trade independently on the NYSE as distinct securities.
This setup gives market participants the flexibility to purchase either security according to their investment preferences. It represents Pershing Square’s inaugural offering of common equity to public markets.
Ahead of the official listing, the investment firm has already garnered $2.8 billion in binding commitments. This capital comes from diverse sources including family offices, institutional pension funds, insurance entities, and individuals with substantial wealth.
The syndicate of underwriters backing the transaction includes major Wall Street institutions: Citigroup, UBS Investment Bank, Bank of America Securities, Jefferies, and Wells Fargo Securities.
Following Warren Buffett’s Playbook
Ackman has regularly referenced Buffett as his role model, calling himself a “Buffett devotee” and characterizing the legendary investor as his “unofficial mentor.”
Buffett began his investment journey managing private partnerships before acquiring control of Berkshire Hathaway during the 1960s. Ackman credits this trajectory with influencing his vision for constructing a permanent-capital structure.
“Permanent capital allows us to take a long-term view and be opportunistic during periods of market volatility,” according to the regulatory filing.
The strategy centers on eliminating the pressure to liquidate holdings simply to satisfy redemption requests when markets decline.
Opening Doors to Everyday Investors
The firm indicated that PSUS represents its inaugural fund designed to appeal to both retail participants and institutional capital across the United States.
With over two million followers on X (formerly Twitter), Ackman possesses a substantial social media audience. The public offering is strategically positioned to leverage this retail investor base.
Pershing Square attempted a PSUS public launch in 2024 but ultimately withdrew. This latest filing represents a renewed push, now integrated into a comprehensive combined listing strategy.
The investment approach emphasizes a focused portfolio targeting large-capitalization companies. Ackman has built his reputation through bold, frequently activist investment campaigns.
The regulatory documents were filed Tuesday, March 10, 2026.
