American billionaire Bill Ackman is preparing to take his investment management firm, Pershing Square Capital Management, public with a dual listing on the NYSE, alongside its closed-end fund, PSUS. This ambitious move aims to raise between $5 billion to $10 billion, with shares priced at $50. The inclusion of Pershing Square stock is a significant part of this plan.
Ackman’s strategy reflects his desire to create a permanent-capital investment model similar to that of Warren Buffett’s Berkshire Hathaway. Under Ackman’s leadership, Pershing Square has grown remarkably since its inception in 2004 with initial capital of $54 million. Today, it manages over $20 billion, primarily focusing on undervalued companies poised for growth.
Despite this growth, Pershing Square’s recent performance has shown some volatility. As of February 2026, the fund had declined by approximately 10%, largely affected by its significant investments in large tech firms such as Alphabet, Meta, and Amazon, which comprise nearly half of its portfolio. However, Pershing Square has demonstrated strong long-term results, achieving a return of around 34% in 2025, significantly outperforming the S&P 500's 18% gain. Over its lifespan, the firm has managed to provide annual returns of roughly 16%.
In terms of recent trades, the firm has acquired shares in prominent companies like Amazon, Meta, and Hertz, while divesting from long-held positions in businesses like Chipotle and Nike. Ackman is not only focusing on corporate stakes and activist investing but has also diversified his strategy to include new asset classes.
Since 2022, he has cautiously engaged with Bitcoin, viewing it as a potential safeguard against inflation, dollar depreciation, and overall economic turbulence. Ackman theorizes that a rising Bitcoin price may create a feedback loop that fuels further inflation and demand for Bitcoin, thus amplifying the cycle.
In summary, Ackman’s plans for Pershing Square Capital Management signal a transformative phase for both his investment philosophy and the broader hedge fund landscape, inviting investors to consider the evolving dynamics of wealth management amid fluctuating market conditions.