Bill ackman Targets Early 2026 IPO for Pershing Square Capital Management
NEW YORK – November 21, 2025 – Billionaire investor Bill Ackman is preparing to take his hedge fund company, Pershing Square Capital Management, public with a stock market debut perhaps arriving in the first quarter of 2026. The move marks a significant step in Ackman’s long-term vision to evolve Pershing square into a diversified financial institution, mirroring the structure of companies like Berkshire Hathaway.
Ackman has reportedly informed existing investors and engaged advisors to begin planning for the initial public offering (IPO), according to two sources familiar with the matter. While discussions are preliminary and subject to market conditions, the potential listing represents a pivotal moment for the traditionally private hedge fund world. Pershing Square declined to comment on the plans.
The planned IPO builds on groundwork laid last June, when Ackman sold a 10% stake in Pershing Square at a valuation exceeding $10 billion to a consortium of investment firms, family offices, and high-net-worth individuals. This valuation places Pershing Square alongside recent private equity IPOs like TPG, which listed in early 2022 at a similar $10 billion valuation, and CVC Capital Partners, valued at €15 billion upon its listing last year.
Pershing Square currently manages over $15 billion in assets through a closed-end fund, generating revenue for Ackman’s hedge fund via a 1.5% management fee and performance-based incentives. A prosperous IPO would make Pershing Square the first major hedge fund to go public in over a decade.
Ackman, a prominent figure in the investment world, is known for his concentrated investment strategy, holding significant stakes in major corporations including Uber, Alphabet, Amazon, and Hilton. The firm’s performance has been strong this year, with returns reaching 17% as of November 18, driven by gains in technology stocks and investments in US housing giants Fannie Mae and Freddie Mac.
The pursuit of a public listing follows a previous attempt in 2024 to launch a US closed-end fund, Pershing Square USA, which ultimately failed to gain sufficient investor interest after fundraising goals were dramatically reduced from $25 billion to $2 billion.
Prior to this,Ackman successfully raised approximately $4 billion through a London-listed public vehicle roughly a decade ago,which now constitutes the majority of pershing Square’s assets following investor shifts away from traditional hedge fund strategies.
