Analysis Report: Bill Ackman’s Plan for Simultaneous Public Offerings of Pershing Square and New Fund

Bill Ackman, founder of Pershing Square, intends to take his hedge fund management company public alongside a new closed-end fund in late 2025 or early 2026. A pre-IPO funding round values Pershing Square at

, with half of the $1 billion raised to be invested in the new U.S. closed-end fund. This marks a rare attempt to list a hedge fund management firm publicly post-2008 financial crisis.

:
[1] The Wall Street Journal: Bill Ackman Eyes Simultaneous Public Offerings of Firm and New Fund (2025-11-21). URL: https://www.wsj.com/finance/investing/bill-ackman-eyes-simultaneous-public-offerings-of-firm-and-new-fund-b18d7e81
[2] Interactive Brokers: Bill Ackman Plans To Take Pershing Square Public By 2025 (2025). URL: https://www.interactivebrokers.com/campus/traders-insight/securities/stocks/bill-ackman-plans-to-take-pershing-square-public-by-2025-following-10-5b-valuation-deal-report/

As of November 20 (one day before the announcement), Pershing Square Holdings (PSH.L) traded at an average of

(via share buybacks). Post-announcement price data for November 21 is unavailable, so immediate market reaction remains unclear.

The IPOs could narrow the discount of PSH.L to its net asset value (NAV) if investors view the listing as positive. However, hedge fund IPOs are rare post-2008, which may lead to skepticism about the $10.5 billion valuation relative to Pershing’s $13.7 billion AUM.

:
[3] Pershing Square Buyback Announcement (2025-11-20): https://pershingsquareholdings.com/pershing-square-holdings-ltd-announces-transactions-in-own-shares-20-november-2025/
[4] Pershing Square NAV Data: https://pershingsquareholdings.com/
[5] Nasdaq: https://www.nasdaq.com/articles/meet-billionaire-bill-ackmans-magnificent-new-addition-pershing-squares-137-billion

1. Valuation
   : Pershing Square management valued at
   $10.5 billion
   (pre-IPO).
2. Performance
   : 25% portfolio gain in 2025 (YTD mid-year).
3. NAV Discount
   : PSH.L trades at ~73% of NAV ($63.83 vs $87.06).
4. AUM
   : $13.7 billion in assets under management.

:
[2] Interactive Brokers
[6] Meyka Blog: https://meyka.com/blog/how-bill-ackmans-portfolio-surged-25-in-2025-with-just-two-big-winners-2509/

• Post-Announcement Price
  : No data on PSH.L’s Nov21 price movement.
• IPO Terms
  : Exact raise amounts, valuation details for the new fund.
• New Fund Strategy
  : Asset focus, fees, and size of the closed-end fund.

Investors should evaluate whether the IPO will narrow the NAV discount. The $10.5 billion valuation is high compared to peers like Blue Owl Capital ($28B valuation with $174B AUM).

:
[7] Sherwood News: https://sherwood.news/markets/bill-ackman-pershing-square-ipo/

1. Valuation Risk
   : The $10.5B valuation may be unsustainable for Pershing’s AUM.
2. Skepticism
   : Rare hedge fund IPOs could limit investor demand.
3. NAV Discount
   : PSH.L’s discount may widen if the IPO is poorly received.

• Post-announcement price of PSH.L.
• Official IPO filings for terms and valuations.
• Investor sentiment toward hedge fund IPOs.

: Users should carefully consider the high valuation, rare IPO nature, and NAV discount before making decisions.

[1] WSJ: Bill Ackman Eyes Simultaneous Public Offerings (2025). URL: https://www.wsj.com/finance/investing/bill-ackman-eyes-simultaneous-public-offerings-of-firm-and-new-fund-b18d7e81
[2] Interactive Brokers: Bill Ackman Plans To Take Pershing Square Public (2025). URL: https://www.interactivebrokers.com/campus/traders-insight/securities/stocks/bill-ackman-plans-to-take-pershing-square-public-by-2025-following-10-5b-valuation-deal-report/
[3] Pershing Square: Share Buyback (2025-11-20). URL: https://pershingsquareholdings.com/pershing-square-holdings-ltd-announces-transactions-in-own-shares-20-november-2025/
[4] Pershing Square: NAV Data (2025-11-11). URL: https://pershingsquareholdings.com/performance/nav/
[5] Nasdaq: Pershing Square’s $13.7B Portfolio (2025). URL: https://www.nasdaq.com/articles/meet-billionaire-bill-ackmans-magnificent-new-addition-pershing-squares-137-billion
[6] Meyka Blog: Pershing Square’s 25% Gain (2025). URL: https://meyka.com/blog/how-bill-ackmans-portfolio-surged-25-in-2025-with-just-two-big-winners-2509/
[7] Sherwood News: Bill Ackman’s IPO Plan (2025). URL: https://sherwood.news/markets/bill-ackman-pershing-square-ipo/
[8] Pershing Square Holdings: Company Overview (2025). URL: https://pershingsquareholdings.com/

---

Compliance Note

: This report is not investment advice and uses Tier 1/Tier 2 sources for reliability.

Date

: November 22, 2025

Time

: 1:12 AM UTC

Generated by AI Financial Analyst
Version:1.0

EOF