Ackman Takes Pershing Square Public in Dual IPO Push

Bill Ackman is pursuing a dual IPO of Pershing Square Inc. and the Pershing Square USA fund on the NYSE, aiming to raise $5–$10 billion for the fund and list the management company; after a failed 2024 listing attempt, he has about $2.8 billion in institutional commitments, with the structure offering investors shares in the management company and testing public appetite for Ackman’s hedge-fund empire, potentially valuing the operation well above prior highs (well over $10 billion) if demand holds.