Pershing Square Files Dual IPOs to Raise $5-10B, Secures $2.8B, Boosts Amazon Stake
Bill Ackman’s Pershing Square secured $2.8B in commitments and aims to raise $5-10B through dual IPOs of its hedge fund and new Pershing Square USA fund, offering 20 common shares per 100 new fund shares at a $50 share price. In Q4 2025, the firm increased its Amazon.com Inc stake.
1. Dual IPO Filing
Bill Ackman’s Pershing Square Capital Management filed registration for initial public offerings of its hedge fund and a new vehicle named Pershing Square USA, planning a combined dual listing on the New York Stock Exchange.
2. Capital Raise and Sweetener
The firm aims to raise $5 billion to $10 billion, selling new fund shares at $50 each while offering a sweetener of 20 common shares in Pershing Square Capital Management for every 100 shares purchased in the new fund.
3. Institutional Commitments
Pershing Square has already secured $2.8 billion in commitments from U.S. and international institutional investors ahead of the proposed IPO, reflecting strong demand for the dual-offering structure.
4. Portfolio Moves and Amazon Stake
In the fourth quarter of 2025, the hedge fund increased its holdings in Amazon.com Inc, alongside taking new stakes in Meta Platforms and exiting positions such as Chipotle Mexican Grill.