Billionaire investor Bill Ackman is preparing to take both his hedge-fund firm Pershing Square and a new investment vehicle public as early as next year, according to reports citing individuals familiar with ongoing discussions.
The move would represent a major moment for Ackman, whose commentary on markets and politics is influential across the financial community in both New York and Washington.
The Wall Street Journal reported that Pershing Square USA, a new investment fund, is expected to list on the New York Stock Exchange.
The fund will reportedly offer investors free shares in Pershing Square as an incentive, a strategy that could broaden interest in the listing.
According to the report, partners may give away up to 10% of Pershing Square’s shares, a move that could value the firm significantly above its most recent valuation of $10.5 billion in 2024.
The Financial Times also reported that Ackman was preparing a Pershing Square listing, although the FT did not mention the additional fund plans outlined in the WSJ report.
Both publications noted that talks remain preliminary, leaving open the possibility of delays or changes based on evolving market conditions.
The discussions come after the busiest fall initial public offering season in the United States in four years.
However, momentum was interrupted by the longest government shutdown in U.S. history, which slowed the filing process for companies intending to enter public markets.
Pershing Square declined to comment on the FT report and did not immediately respond to inquiries regarding the WSJ claims.
Interest in a potential listing resurfaced after Pershing Square sold a 10% stake for $1.05 billion last year, an event Reuters previously described as a potential precursor to an IPO.
If Pershing Square moves forward with a listing, it would join a small collection of alternative asset managers that trade publicly.
Private equity giants such as Blackstone and KKR have generally performed well in public markets.
Hedge funds, however, have produced more mixed results due to earnings volatility and shifting investor sentiment.
Man Group, a major British hedge fund, is projected to log its third annual decline in four years.
Ackman’s Europe-listed vehicle, Pershing Square Holdings, is up nearly 21% this year, reflecting strong performance in contrast to some peers.
Blue Owl Capital, a firm Ackman has previously likened to Pershing Square in structure, is down almost 40% this year amid concerns across credit markets.
That contrast underscores the uncertain environment for asset managers considering public listings, particularly those tied to more unpredictable revenue streams.
For Ackman, the potential listings signal an effort to expand the firm’s footprint and access a broader investor base despite the challenges facing the hedge-fund industry.
Final decisions will depend on market conditions in early 2025, but the renewed activity around Pershing Square suggests investor interest remains strong.
The post Bill Ackman Reportedly Mulling Public Listings for Pershing Square Entities With NYSE Move appeared first on Gooner Daily.
