Bill Ackman, the CEO of Pershing Square Capital Management, is moving closer to a significant goal that has long been on his agenda: the creation of a publicly traded investment vehicle inspired by the methods of renowned investor Warren Buffett. In a strategic development, Pershing Square filed on Tuesday for a listing on the New York Stock Exchange, with the ticker symbol “PS.”
This potential listing would allow public investors to gain a stake in Ackman’s investment platform, which currently manages a concentrated portfolio of large-cap companies, including notable firms like Brookfield, Uber, and Amazon, as of the close of 2025.
The proposed listing will feature a dual structure, meaning that both Pershing Square’s common shares and shares of its closed-end fund, named PSUS, will be traded on the NYSE. The offerings will be listed simultaneously but traded separately, enabling investors to buy or sell the two types of shares independently. Prior to this initiative, there had been no public market for Pershing Square’s common stock.
Ackman aims to raise between $5 billion and $10 billion through PSUS, inviting investors to acquire shares at $50 each. As part of the transaction, the firm anticipates offering 20 shares of Pershing Square Capital Management’s common stock for every 100 PSUS shares acquired in the initial public offering, with no added cost to investors. Notably, Pershing Square has already secured $2.8 billion in commitments from a diverse range of sources, including family offices, pension funds, insurance companies, and ultra-high-net-worth individuals.
This public listing is also seen as a strategic maneuver to engage with retail investors, particularly after Ackman garnered over 2 million followers on the social media platform X. It marks the firm’s first fund intended for both retail and institutional investors in the U.S.
The past year proved challenging for Pershing Square, as an ambitious plan to raise up to $25 billion for a closed-end fund fell through in 2024. As a result, the firm shifted its focus towards increasing its stake in Howard Hughes Holdings, using it as a platform to acquire majority stakes in additional companies.
Ackman has often cited Buffett as a guiding influence and has described himself as a “Buffett devotee,” viewing the 95-year-old icon as an “unofficial mentor.” Ackman frequently attends Berkshire Hathaway’s annual shareholder meetings in Omaha to gain insights from Buffett’s investment philosophy.
Aligning with Buffett’s model, which began with private investment partnerships before transforming into Berkshire Hathaway, Ackman aims to build a long-term, permanent-capital investment platform that leverages compounding growth. He believes that “permanent capital allows us to take a long-term view and be opportunistic during periods of market volatility,” thereby avoiding the need to sell assets to meet redemptions in challenging market conditions.
