Bill Ackman is in talks to take his hedge-fund management company Pershing Square public, alongside a new investment entity.
This time around, The Journal reported Ackman has sweetened the deal for investors who put money into the new fund by offering free shares of Pershing Square, which would also go public. Partners of the firm would give away up to 10% of their shares, the report said.
Two people briefed on the matter told the FT that Ackman had begun preliminary talks with advisors about Pershing Square’s listing plans, which could come as early as the first quarter of 2026. They cautioned that they were early-stage conversations subject to change or be abandoned depending on market conditions.
Pershing Square declined to comment to Fortune and hasn’t publicly commented on the matter in other reports.
Pershing Square USA would be a closed-end fund, meaning it sells a fixed number of shares in a public offering. Shareholders can leave the fund only by selling their stakes to other investors at the current market price, no matter what the fund’s actual asset value is.
