Key Takeaways
- Bill Ackman’s investment firm has submitted paperwork to go public on NYSE with ticker symbol “PS”
- The offering features a dual-listing structure alongside closed-end fund Pershing Square USA (PSUS)
- Pre-listing commitments total $2.8 billion from institutional and high-net-worth investors
- Leading financial institutions including Citigroup, UBS, and Bank of America serve as underwriters
- The structure mirrors Warren Buffett’s Berkshire Hathaway permanent-capital approach
Bill Ackman’s investment management firm, Pershing Square Capital Management, submitted regulatory documents on Tuesday to begin trading on the New York Stock Exchange with the ticker “PS.”
This regulatory filing represents a significant milestone for the billionaire investor, who has pursued his vision of creating a publicly accessible investment vehicle patterned after Warren Buffett’s Berkshire Hathaway.
The transaction employs a dual-listing approach. Both Pershing Square’s primary equity shares and its existing U.S. closed-end fund, Pershing Square USA (PSUS), will commence trading on the NYSE as distinct securities.
Market participants will have the flexibility to trade each security separately. This represents the inaugural public availability of Pershing Square’s common equity.
According to the filing, the investment firm has secured advance commitments totaling $2.8 billion. These pre-IPO commitments originate from diverse sources including family offices, institutional pension plans, insurance entities, and wealthy individual investors.
The underwriting syndicate includes major Wall Street players: Citigroup, UBS Investment Bank, Bank of America Securities, Jefferies, and Wells Fargo Securities.
Following the Buffett Playbook
Ackman has consistently referenced Buffett as his guiding influence. He identifies as a “Buffett devotee” and has characterized the legendary investor as an “unofficial mentor.”
Buffett began his investment career managing private partnerships before acquiring control of Berkshire Hathaway during the 1960s. According to Ackman, that trajectory influenced his vision for creating a permanent-capital vehicle.
“Permanent capital allows us to take a long-term view and be opportunistic during periods of market volatility,” according to the regulatory filing.
This structure eliminates the pressure to liquidate holdings during market turbulence simply to satisfy redemption requests from investors.
Opening Doors to Individual Investors
According to Pershing Square, PSUS represents the firm’s initial offering aimed at both individual retail participants and institutional capital.
With an X platform following exceeding two million users, Ackman views the public market listing as a strategic channel to engage his substantial retail audience.
An earlier attempt to bring PSUS public in 2024 was abandoned. The current filing resurrects those plans within a more comprehensive combined structure.
The firm maintains a focused investment approach centered on major capitalization companies. Ackman has built his reputation through prominent, frequently activist investment strategies.
The regulatory submission was filed on Tuesday, March 10, 2026.
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