Pershing Square Adds Hertz Stake as $30.7B Asset Base Grows
Pershing Square Holdings Ltd. acquired a stake in Hertz Global Holdings as part of its deployment into large-cap and cyclical stocks, boosting its $30.7 billion asset base (including $20.7 billion fee-paying assets) at end-2025. Bill Ackman’s Pershing Square USA IPO will raise about $5 billion including a $2.8 billion private placement.
1. IPO Overview
Bill Ackman’s Pershing Square USA Ltd. and Pershing Square Inc. plan to raise approximately $5 billion through their IPO, landing at the lower end of an initial $10 billion target with roughly 85% institutional demand. Orders close at 4 p.m. Eastern on Monday, with pricing scheduled for April 28, though final terms may still change.
2. Permanent Capital and Private Placement
The transaction shifts toward a permanent capital model, including a $2.8 billion private placement contingent on meeting a minimum raise threshold. Investors receive equity incentives: one share of Pershing Square Inc. for every five shares of Pershing Square USA purchased, and 1.5 shares for every five in the private placement.
3. Portfolio Deployment and Hertz Stake
As of year-end 2025, Pershing Square managed $30.7 billion in assets, including $20.7 billion in fee-paying assets, and its London-listed vehicle added positions in Meta Platforms, Amazon.com and Hertz Global Holdings. This move underscores ongoing deployment into large-cap and cyclical opportunities through its evolving permanent capital structure.