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Billionaire investor Bill Ackman is preparing a unique dual public offering that would take both his investment management firm Pershing Square, and a new investment fund public, according to a report published Friday.
Ackman hopes for the IPO to take place early next year, the Wall Street Journal reported, citing people familiar with the matter.
Ackman has been weighing a public listing of Pershing Square for months, and at the same time, Pershing Square has been working on a new closed-end fund, Pershing Square USA, Ltd., aimed at U.S. retail investors and intended to trade on the New York Stock Exchange, the report said. But the fundraising for that vehicle was paused in July 2024.
Ackman’s elevated public profile—boosted by his outspoken commentary on social and political issues and associations with figures such as President Donald Trump and Tesla Inc (NASDAQ:TSLA) CEO Elon Musk—could support broader retail interest in the fund.
Investors who invest in the closed-end fund would receive shares in the management company, Pershing Square, for free, WSJ reported. Partners of Pershing Square would give away up to 10% of shares in the firm, which could be valued well over the reported $10.5 billion valuation it fetched in 2024.
Pershing Square, which currently manages about $20 billion and has shifted from traditional activist investing toward concentrated bets on large public companies, did not immediately respond to Benzinga‘s request for comment.
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