Bill Ackman Kicks Off Roadshow for Combined IPO of Pershing Square, New Fund Bill Ackman’s Pershing Square launched a roadshow for the U.S. initial public offerings of his management company and a new fund on Monday, despite ongoing uncertainty surrounding the Middle East conflict. The move comes amid a volatile market following failed weekend talks between the U.S. and Iran to end a war now in its seventh week. Ackman aims to capitalize on market disruption by acquiring undervalued assets through the new fund, Pershing Square USA. The roadshow marks a significant step for the billionaire investor, who previously attempted to take the new fund public in 2024 but scrapped the plan days before its scheduled debut due to hurdles. Pershing Square USA expects to raise between $5 billion and $10 billion from the IPO and a private placement, with shares priced at $50 each. The fund has already secured $2.8 billion in commitments from investors, including family offices, pension funds, and insurance companies. These investors will receive 30 shares in Pershing Square for every 100 shares purchased in the new fund. Ackman’s strategy for Pershing Square USA mirrors his existing hedge fund, which invests in 12 to 15 undervalued North American-listed companies. The new fund offers quicker access to capital and avoids performance fees to attract a broader investor base. Ackman emphasized in a letter to investors that a successful IPO could bolster efforts to launch other closed-end investment companies. The combined IPO will list Pershing Square Capital Management under the symbol “PS” and Pershing Square USA under “PSUS” on the New York Stock Exchange. Global coordinators for the offering include Citigroup, UBS Investment Bank, BofA Securities, Jefferies, and Wells Fargo Securities.#citigroup #new_york_stock_exchange #bill_ackman #pershing_square #ubs_investment_bank
