Bill Ackman's Pershing Square Files for IPO, Says he Wants to Build a Modern Berkshire Hathaway

Billionaire investor Bill Ackman has officially set the wheels in motion to transform his hedge fund empire into a permanent capital powerhouse, filing for a dual initial public offering (IPO) on 10 March 2026.

The ambitious move seeks to raise up to $10 billion (£7.8bn) through the simultaneous listing of two entities: his management firm, Pershing Square Inc., and a new US-listed closed-end fund, Pershing Square USA.

By transitioning to a publicly traded structure, Ackman aims to mirror the 'permanent capital' model perfected by his mentor, Warren Buffett, allowing the firm to make aggressive, long-term bets without the constant threat of investor redemptions.

A 1988 Harvard graduate, Ackman established his own hedge fund, which found some success before collapsing in the early 2000s. However, he made a comeback with Pershing Square, which grew an initial $54 million seed capital into a hedge fund currently with $28 billion in assets under management.

Over the past many years, Ackman has expressed his admiration for Buffett. When Ackman launched his first hedge fund at 26, he had noted: 'I thought that perhaps someday I could build a diversified holding company like Berkshire with an extraordinary long-term record.' His decision to take Pershing Square public could be the first step in fulfilling his ambition to create his new-age Berkshire Hathaway.

IPO Paving The Way to Permanent Capital

Ackman plans to list both the closed-end fund and Pershing Square's parent company under the tickers 'PSUS' and 'PS,' respectively. Under the agreement, for every 100 shares of the closed fund purchased by investors, they will automatically receive 20 free shares of Pershing Square Capital Management. However, the minimum order size is $5,000, according to media outlets.

Ackman's strategy has similarities with Buffet's playbook of securing access to 'permanent capital' from investors. 'I've been a kind of Warren Buffett devotee, unofficial—he's been my unofficial mentor for many years,' he had stated in 2023.

Hedge funds usually allow investors to withdraw money, which requires fund managers to keep cash on hand in case of a massive liquidation event. The dual listing will enable Pershing to access capital in its closed-end fund that does not allow direct withdrawals. It means that investors must sell their shares on the open market instead.

Permanent capital has no expiry or forced exits, which Buffett leveraged to grow Berkshire to where it is today with a $1 trillion market cap.

'The access to the permanency of that capital gave him the ability to take a kind of a very long-term view in a world where people in the investment management business generally have to make short-term decisions because their capital, you know, it can leave,' said Ackman on Buffett's strategy during the 2023 conference.

Ackman believes Pershing's IPO will give it an edge on hedge funds focusing on the short term. 'Competing against investment managers with short-term capital is an important long-term, sustainable competitive advantage for Pershing Square, particularly in a world where a seemingly ever-increasing proportion of capital is managed with shorter-term investment objectives,' Ackman wrote in a recent company filing.

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