Report: Bill Ackman Targets $5 Billion for New U.S. Closed-End Fund Offering

Bloomberg reported that about $2 billion of that target is expected from major institutional anchors. The fund’s IPO is slated to debut alongside the initial public offering of Ackman’s hedge fund, Pershing Square Capital Management.

As part of the dual listing, investors in the closed-end fund will receive a portion of Pershing Square Capital shares at no cost. Bloomberg said partners at the firm are prepared to give up as much as 10% of their holdings to enable the structure, with the offering potentially taking place as early as the first quarter of 2026.

Ackman has been preparing the IPO for years. In 2024, he sold a 10% stake in Pershing Square in a private transaction valuing the firm at more than $10 billion, a step toward eventually going public.

A prior attempt to list a similar fund — Pershing Square USA Ltd. — was withdrawn after raising only a fraction of its target. Closed-end funds often trade at a discount, which led investors to wait for a post-listing price drop.

Bloomberg reported that this year’s offering includes free Pershing Square Capital shares to avoid that issue. Ackman’s lone publicly traded vehicle today is Pershing Square Holdings, listed in London.