Log In Get Started
Stock Markets April 13, 2026 07:53 AM

Pershing Square Opens Roadshow for Paired U.S. Listings

Bill Ackman's firm markets a management-company IPO alongside a $5 billion-$10 billion fund offering priced at $50 a share

By Priya Menon
Pershing Square Opens Roadshow for Paired U.S. Listings

Pershing Square began investor meetings today to promote the U.S. initial public offerings of its management company and a newly formed fund. The Pershing Square USA vehicle seeks to raise between $5 billion and $10 billion via an IPO and a concurrent private placement, offering shares at $50 apiece and targeting an April 28 pricing date. A group of major banks is coordinating and underwriting the dual listing, which will see Pershing Square USA trade under PSUS and Pershing Square under PS on the New York Stock Exchange.

Key Points

  • Pershing Square has started a U.S. roadshow to market two simultaneous IPOs: the firm’s management company and the Pershing Square USA fund - sectors impacted include asset management and capital markets.
  • The Pershing Square USA fund aims to raise between $5 billion and $10 billion through an IPO and private placement, selling shares at $50 each and targeting an April 28 pricing date - relevant to institutional and retail investors following large fund listings.
  • A group of major banks - Citigroup, UBS Investment Bank, BofA Securities, Jefferies and Wells Fargo Securities - are acting as global coordinators and bookrunners for the combined offering, highlighting the transaction’s placement in primary market activity and underwriting pipelines.

Pershing Square launched its U.S. investor roadshow today to market two simultaneous initial public offerings: one for the investment manager itself and another for a new fund branded Pershing Square USA. The campaign is intended to introduce potential investors to the twin listings and present the financing terms for the fund offer.

The Pershing Square USA fund is seeking gross proceeds in a range of $5 billion to $10 billion through a combination of the IPO and an associated private placement. The fund is offering shares at a fixed price of $50 each. According to the offering documents, the IPO is expected to price on April 28, consistent with the stated timetable.

This effort follows an earlier attempt to bring the new fund to market in 2024 that was halted days before its planned debut. The filing notes that the prior launch was scrapped just ahead of the scheduled listing, and the current roadshow represents another effort to complete the offering process.

A syndicate of banks is acting as global coordinators and bookrunners on the combined transactions. Citigroup, UBS Investment Bank, BofA Securities, Jefferies and Wells Fargo Securities are listed as the lead firms handling coordination and bookrunning responsibilities for the dual IPO.

Once completed, the Pershing Square USA fund will be listed on the New York Stock Exchange with the ticker PSUS. The management company itself will list on the same exchange under the ticker PS. The filings and roadshow materials set out the structure and pricing for the offerings but do not alter the stated listing venues or ticker assignments.

Contextual note - The roadshow and pricing timetable reflect the current plans as presented in the offering terms. No additional changes to schedule or structure are reported in the roadshow announcement.

Key details at a glance

  • Offer price for Pershing Square USA shares: $50 per share.
  • Targeted proceeds for the fund via IPO and private placement: $5 billion to $10 billion.
  • Expected IPO pricing date: April 28.
  • Lead coordinators and bookrunners: Citigroup, UBS Investment Bank, BofA Securities, Jefferies, Wells Fargo Securities.
  • Proposed NYSE tickers: PSUS for Pershing Square USA, PS for Pershing Square.

Risks

  • Timing and execution risk around the IPO pricing date - the offering is expected to price on April 28, but prior to this Pershing Square previously halted a planned 2024 launch days before its scheduled debut. This creates uncertainty for investors and the capital markets.
  • Market reception and demand uncertainty for a large fund raise - the Pershing Square USA fund seeks $5 billion to $10 billion in proceeds, and subscription levels will determine final allocation and potential stabilization activity, affecting capital markets and asset-management flows.
  • Underwriting and coordination complexities - the involvement of multiple global coordinators and bookrunners requires alignment across banks and investors, which can introduce operational and syndication risks in primary-market execution.

More from Stock Markets

TSX Futures Slip as U.S. Threatens Strait of Hormuz Blockade; Oil Rebounds Above $100 Apr 13, 2026 Traton Q1 Deliveries Fall 6% as U.S. Demand Remains Soft Apr 13, 2026 Hundreds of Hollywood Creators Protest Paramount’s Purchase of Warner Bros. Discovery Apr 13, 2026 Airlines Keep Cancelling Routes as Middle East Airspace Disruptions Persist Apr 13, 2026 Insider Moves: Major Buys by Activist Funds and Large Disposals by Major Holders Revealed Apr 13, 2026