Why Bill Ackman Is Moving to Take Pershing Square Public

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Overview

Bill Ackman has spent more than a decade trying to transform Pershing Square from a volatile hedge fund partnership into a durable financial institution, comparable to something like Berkshire Hathaway.

According to a recent Financial Times report, the next step in that evolution may be an IPO of Pershing Square Capital Management itself, potentially as early as the first quarter of 2026, subject to market conditions.

The firm has reportedly begun speaking with existing investors about a possible listing. The talks are still preliminary and could be delayed or shelved, but they fit neatly into what can be seen as a shift in Pershing Square’s business model toward more permanent capital.

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From Hedge Fund Partnership to a Permanent Capital Structure

Pershing Square today oversees roughly $21 billion in assets. The core strategy is a highly concentrated portfolio of large cap equities, including positions in companies such as Uber, Alphabet, and Amazon.

Performance has been strong in 2024, up ~17% year to date through mid-November, the FT reports.

Around ten years back, Ackman raised roughly $4 billion through a London listed vehicle. Over time, that closed end fund has grown into the bulk of Pershing Square’s overall assets, while more traditional hedge fund capital has shrunk.

That shift has moved Pershing Square away from redeemable, quarterly liquidity capital and toward a listed, locked-up asset base. The recurring management fees from this permanent capital vehicle are now the primary economic engine of the business.

The FT highlights a key transaction from June 2024 as an important precursor to an IPO. Pershing Square sold a 10% stake in the management company to a mix of investment firms, family offices, and individual investors at a valuation of ~$10 billion.

That deal effectively served as a private market price discovery exercise for the management company. The implied valuation is comparable to recent listings of alternative asset managers such as TPG and CVC Capital Partners, which came to market at valuations of ~$10 billion ~€15 billion, respectively.

Why This Matter for the Industry and Careers

Bill Ackman’s plans sit within a broader trend among large hedge fund and alternative managers:

• Growing emphasis on permanent or semi permanent capital

• Increasing use of listed vehicles and corporate structures

• A focus on the equity value of the management company, not just the funds

For the industry, transactions like a Pershing Square IPO help define how public markets value hedge fund fee streams, especially when they are anchored by a large, closed end fund with locked-up capital.

For candidates and professionals, it reinforces that understanding the business model of a hedge fund or alternatives platform is increasingly important. Fee structures, capital mix, and ownership of the management company or GP can shape everything from compensation to long-term career paths.