Pershing Square USA IPO
The planned Initial Public Offering for a fund managed by Bill Ackman's Pershing Square, which was withdrawn due to insufficient investor interest.
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8/26/2025, 6:27:06 AM
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8/26/2025, 6:27:35 AM
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8/26/2025, 6:27:35 AM
Summary
The Pershing Square USA IPO, led by Bill Ackman, was ultimately withdrawn on July 31, 2024, after initial delays. This decision was primarily driven by waning investor demand and Ackman's desire to reevaluate the fund's structure to make the IPO investment decision more straightforward. The event highlights the inherent challenges of taking asset management firms public, a sentiment echoed in the All-In Podcast, regardless of market conditions or the founder's prominence. The fund, intended to be a closed-end management fund, had initially aimed to raise up to $25 billion, later revised to $2.5 billion to $4 billion, capped at $10 billion.
Referenced in 1 Document
Research Data
Extracted Attributes
Event Type
IPO Withdrawal
Key Person
Bill Ackman
Management Fee
Bill Ackman pledged to waive
Primary Entity
Pershing Square USA
Intended Structure
Closed-end management fund
Reason for Withdrawal
Low investor demand; reevaluation of structure to make IPO investment decision straightforward
Initial Capital Expectation
Up to $25 billion
Revised Capital Expectation
Between $2.5 billion and $4 billion (capped at $10 billion)
Timeline
- Plans for Pershing Square USA started up, with the fund intended to be structured as a closed-end management fund. (Source: Forbes)
2024-02-01
- The New York Stock Exchange announced a delay in the debut of Pershing Square USA, without providing a reason. (Source: Reuters)
2024-07-26
- Pershing Square USA withdrew its IPO plans due to waning investor demand and a decision to reevaluate the fund's structure. (Source: CNBC, Forbes)
2024-07-31
Web Search Results
- Debut of Bill Ackman's new fund delayed but expected to ...
"Pershing Square USA. Ltd. is proceeding with its initial public offering (the 'IPO') of its common shares of beneficial interest (the 'Common Shares') with the date of pricing to be announced," Ackman's firm said in a release, echoing the exchange's statement. No reason for the delay was given. [...] Published Time: 2024-07-26T20:36:47.651Z Debut of Bill Ackman's new fund delayed but expected to proceed | Reuters =============== Skip to main content Report This Ad Exclusive news, data and analytics for financial market professionals Learn more about Refinitiv - The New York Stock Exchange said on Friday that the debut of billionaire investor Bill Ackman's new U.S. fund, Pershing Square USA, has been delayed, without providing a reason. [...] Pershing Square USA, Ackman's first new fund in a decade, was initially expected to bring in as much as $25 billion in new capital and more than double his assets under management. This week Ackman said fund raising will now be capped at $10 billion and that he expected to raise between $2.5 billion and $4 billion. Advertisement · Scroll to continue
- Pershing Square Capital Management - Wikipedia
Pershing Square Tontine Holdings was a blank check company formed by Bill Ackman that went public on July 22, 2020, at a value of $4 billion and traded under the ticker symbol PSTH.U before the split of its warrants and shares. In 2020, PSTH was the largest SPAC to IPO to date. [...] In December 2012, Pershing Square Capital Management launched a new closed-end fund called Pershing Square Holdings, which raised $3 billion in an October 2014 IPO on Amsterdam's Euronext stock market. As a closed-end fund valued at $6.7 billion, PSH was designed as a permanent capital vehicle from which investors would not be able to directly withdraw funds. PSH reported 17.1% in returns since inception (December 2012–November 2017) under Ackman's management, 80% below the S&P 500. [...] PSTH had a unique "Tontine" structure where shareholders were incentivized to hold shares through merger once a target was found for acquisition. The IPO included 200 million units, which included a total of 200 million shares and 22,222,222 warrants. Another 44,444,444 warrants, or two ninths per share, were be distributed to shareholders who chose to participate in the proposed merger. The strike price of PSTH warrants were $23.
- Bill Ackman's Pershing Square withdraws IPO as demand ...
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email Key Points Pershing Square withdrew its IPO plans Wednesday afternoon amid low demand. Bill Ackman said the firm would “report back” when it is ready to go public. Pershing Square had $18.7 billion in assets under management as of the end of June. [...] Bill Ackman’s Pershing Square USA withdrew plans for an initial public offering after investor demand appeared to wane from original expectations. But the hedge fund titan said he would be back with a revised plan for the offering for his fund, which he had wanted to model after Berkshire Hathaway. Ackman wrote in a statement: [...] “While we have received enormous investor interest in PSUS, one principal question has remained: Would investors be better served waiting to invest in the aftermarket than in the IPO? This question has inspired us to reevaluate PSUS’s structure to make the IPO investment decision a straightforward one. We will report back once we are ready to launch a revised transaction.”
- Billionaire Ackman's Pershing Square Withdraws IPO
minority stake in Universal Music Group, though Ackman reneged that deal in 2021 over SEC opposition. Ackman later liquidated that company and returned the $4 billion to investors. Plans for Ackman’s Pershing Square USA started up in February. If approved, the fund would be structured as a closed-end management fund, according to a February SEC filing, meaning it would raise money through its IPO before shares could be open for public trading. Ackman, who pledged to waive a management fee for [...] Published Time: 2024-07-31T15:46:54-04:00 Billionaire Ackman’s Pershing Square Withdraws IPO =============== 335-0739__or sign up__here_. Key Background -------------- [...] Image 6Image 7Image 8Image 9
- Pershing Square Holdings
The fact that information, products or services are shown on this website does not necessarily mean that you should rely on the information or that the information continues to be valid. All documents have their own shelf life and may be included on this website for historical reference purposes only. © 2025 Pershing Square Capital Management, L.P. [...] In addition, the shares in the Company have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”). Consequently, shares in the Company may not be offered, sold or otherwise transferred within the United States or to, or for the account or benefit of, “U.S. persons” as defined in Regulation S under the Securities Act absent registration or an exemption from registration under the Securities Act. No public offering of any shares in the [...] A prospectus has been prepared in connection with the admission of the shares in the Company to listing and trading on Euronext in Amsterdam, the regulated market operated by Euronext Amsterdam N.V., and was approved by the Netherlands Authority for the Financial Markets (the “AFM”) on 2 October 2014 (the “Prospectus”). A Dutch supplement to the Prospectus has been prepared which contains specific information for retail investors in the Company in the Netherlands (the “Supplement”). The