Bill Ackman Tests Main Street Rizz with Pershing Square IPO 

Everyday investors who want a slice of Bill Ackman’s playbook may soon have their chance. 

The hedge fund manager is planning to list his firm, Pershing Square, on the New York Stock Exchange, according to a Tuesday filing with the Securities and Exchange Commission. The IPO would give investors a stake in both Pershing Square’s common shares and PSUS, its closed-end fund. Ackman wants to raise between $5 billion and $10 billion in the combined transaction for PSUS, and investors will be able to snag shares for $50 each. According to the filing, the firm expects to deliver 20 shares of the common stock for every 100 shares of PSUS bought in the IPO at no additional cost. 

There will be a 2% management fee and no performance fee. 

Main Street Man 

This isn’t the first attempt by Ackman to bring a closed-end fund to a wider pool; he made his name as an activist investor but has since transformed into a very online, outspoken player on Wall Street and an ally of President Trump. He was planning to do so in 2024 before abandoning the IPO just days before it was supposed to debut. 

Like legendary investor Warren Buffett, who helmed Berkshire Hathaway for six decades before stepping down at the end of last year (and whom Ackman has referred to as an inspiration), Ackman has garnered a steady following among Main Street investors. The billionaire has 2 million followers on X, where he often posts commentary on finance and politics, and the filing points out that a “substantial media following will assist us in launching new funds and strategies that are responsive to evolving investor demands.” 

Ackman’s move comes at a time when many young retail investors have grown tired of the classic stock-and-bond portfolios their parents and grandparents were accustomed to: 

• More investors are seeking exposure to alternative investments, such as hedge funds, which have long been reserved for the wealthy and professionals. 
• Large private equity firms such as Blackstone and Apollo Global Management are also looking to get a piece of the public market pie. 

Celebrity Charm: Ackman wouldn’t be the first entrepreneur to parlay popularity into investments. While Elon Musk likely comes to mind, investors also poured money into Cathie Wood’s ARK Invest funds, particularly the ARK Innovation ETF, during the pandemic-era tech boom to capitalize on her stock-picking capabilities.