Key Takeaways
- Bill Ackman’s investment firm filed for a New York Stock Exchange listing with the ticker symbol “PS”
- The offering features a dual-listing structure alongside closed-end fund Pershing Square USA (PSUS)
- Ackman’s firm attracted $2.8 billion in pre-listing commitments from institutions and wealthy investors
- Leading investment banks such as Citigroup, UBS, and Bank of America are backing the offering
- The hedge fund manager has modeled his approach after Warren Buffett’s Berkshire Hathaway strategy
Activist investor Bill Ackman moved forward with plans to take his investment firm public this week, submitting paperwork to the New York Stock Exchange for a listing under the ticker “PS.”
The regulatory filing represents a significant milestone for the billionaire investor, who has spent years working toward creating a publicly accessible investment vehicle inspired by Warren Buffett’s legendary holding company.
The proposed listing features an innovative dual structure. Both Pershing Square’s parent company shares and its U.S. closed-end fund, Pershing Square USA (PSUS), will begin trading on the NYSE as distinct securities.
This arrangement gives market participants the flexibility to purchase either security independently. It also represents the first opportunity for public market investors to own shares in Pershing Square’s main operating entity.
According to the filing, the investment management firm has already received $2.8 billion in binding commitments from prospective investors. This capital comes from a diverse group including family wealth offices, pension systems, insurance providers, and ultra-wealthy individual backers.
A syndicate of major Wall Street firms—including Citigroup, UBS Investment Bank, Bank of America Securities, Jefferies, and Wells Fargo Securities—will serve as underwriters for the transaction.
Following the Buffett Playbook
Ackman has regularly credited Buffett as his role model. He’s described himself as a “Buffett devotee” and referred to the legendary investor as serving as his “unofficial mentor.”
Buffett launched his investing career managing private limited partnerships before acquiring control of Berkshire Hathaway during the 1960s. According to Ackman, this trajectory has significantly influenced his vision for constructing a permanent-capital investment vehicle.
“Permanent capital allows us to take a long-term view and be opportunistic during periods of market volatility,” the filing stated.
This structure eliminates the pressure to liquidate holdings simply to satisfy redemption requests when markets turn turbulent.
Opening Doors to Individual Investors
According to the company, PSUS represents the firm’s inaugural investment product targeted at everyday American investors alongside institutional clients.
With a following exceeding two million users on X, Ackman plans to leverage his substantial social media presence to attract retail participation.
The firm previously attempted to launch PSUS in 2024 but withdrew those plans. This latest filing resurrects that initiative as part of an expanded combined public offering.
Pershing Square operates a focused investment approach concentrated in large-capitalization equities. The firm has built its reputation through bold, often activist stakes in prominent corporations.
The regulatory documents were filed on Tuesday, March 10, 2026.
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