Pershing Square USA Raises $5 Billion in Combined Offerings, Begins Trading on NYSE

Pershing Square USA, Ltd. (NYSE: PSUS) and Pershing Square Inc. (NYSE: PS) announced the closing of their combined initial public offerings and private placement, generating gross proceeds of $5 billion for PSUS before expenses. The offerings underscore the market's appetite for new investment vehicles managed by prominent hedge fund manager Bill Ackman. Shares of PSUS and PSI began trading on the New York Stock Exchange on April 29, 2026, under the symbols PSUS and PS, respectively.

The successful capital raise highlights the continued demand for actively managed investment funds, particularly those with a track record of high-conviction, long-term investing. Pershing Square USA is registered under the Investment Company Act of 1940 and will be managed by PSCM, the investment manager. The proceeds will provide the fund with substantial capital to deploy in accordance with its investment strategy, which historically focuses on large-cap, high-quality companies with durable competitive advantages.

The closing of the offerings and the start of trading mark a significant milestone for Pershing Square, allowing individual investors to gain exposure to Ackman's portfolio through a publicly traded closed-end fund. The fund's structure may also offer potential tax advantages and liquidity compared to the partnership interests in Pershing Square's hedge fund. The $5 billion raised is notable given the current market environment, where many new funds have struggled to attract assets.

For more details, the full press release is available at https://ibn.fm/PDtWh. Information about Pershing Square Inc. can be found at https://pershingsquareholdings.com/.

The implications of this capital raise are broad. It provides Pershing Square USA with significant dry powder to make new investments or increase stakes in existing holdings. This could influence stock prices of companies in Ackman's portfolio, as the fund may take larger positions. Additionally, the success of the offering could encourage other hedge fund managers to pursue similar publicly traded vehicles, potentially reshaping the landscape of retail access to alternative investment strategies.

The trading debut of PSUS and PS will be closely watched by investors and analysts to gauge market reception and the fund's premium or discount to net asset value, a key metric for closed-end funds. The offering's completion amidst regulatory scrutiny and market volatility demonstrates Pershing Square's strong brand and investor trust.

Pershing Square Inc. is the parent company of Pershing Square Capital Management, L.P., an SEC-registered investment advisor based in New York City. The company manages investment funds and other accounts. The combined offerings were underwritten by a syndicate of banks, with proceeds used to capitalize PSUS and cover expenses.

This development is important as it provides retail investors with a new avenue to access a prominent hedge fund's strategy, potentially democratizing sophisticated investment approaches that were previously limited to institutional and accredited investors.