Bill Ackman Is Finally Taking Pershing Square Public — Here’s What That Means for Investors

TLDR

• Pershing Square Capital Management filed to list on the NYSE under the ticker “PS”
• The deal includes a dual listing with its closed-end fund, Pershing Square USA (PSUS)
• The firm has secured $2.8 billion in commitments from family offices, pension funds, and others
• Major banks including Citigroup, UBS, and Bank of America are underwriting the IPO
• Ackman has cited Warren Buffett and Berkshire Hathaway as the model for his permanent-capital vision

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Bill Ackman’s Pershing Square Capital Management filed on Tuesday to list on the New York Stock Exchange under the ticker symbol “PS.”

The filing marks a major step for Ackman, who has long wanted to build a publicly traded investment firm modeled on Warren Buffett’s Berkshire Hathaway.

The offering has a dual structure. Pershing Square’s common shares and those of its U.S.-listed closed-end fund, Pershing Square USA (PSUS), will both trade on the NYSE but as separate securities.

Investors will be able to buy and sell each one independently. This is the first time Pershing Square’s common stock will be available to the public.

The firm said it has already locked in $2.8 billion in commitments ahead of the listing. That money is coming from family offices, pension funds, insurance companies, and ultra-high-net-worth individuals.

Citigroup, UBS Investment Bank, Bank of America Securities, Jefferies, and Wells Fargo Securities are listed as underwriters for the deal.

Ackman’s Buffett Blueprint

Buffett started his career running private investment partnerships before taking control of Berkshire Hathaway in the 1960s. Ackman says that path shaped his own thinking about building a permanent-capital platform.

The idea is to avoid needing to sell assets just to meet investor withdrawals during market downturns.

Retail Investors in Focus

Pershing Square said PSUS will be the firm’s first fund marketed to both U.S. retail and institutional investors.

Ackman has more than two million followers on the social media platform X. The public listing is partly designed to tap into that retail following.

Pershing Square tried to take PSUS public in 2024 but pulled back. This new filing revives that effort as part of a broader combined offering.

The firm runs a concentrated portfolio focused on large-cap companies. Ackman is known for high-profile, often activist investment positions.

The filing was submitted on Tuesday, March 10, 2026.

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