Bill Ackman’s Pershing Square and his closed-end fund, Pershing Square USA, are set to list on the New York Stock Exchange on Wednesday. This much-anticipated debut provides public investors with their first direct stake in the billionaire activist's investment platform.
The combined initial public offering for the alternative asset manager and closed-end fund raised $5 billion. This capital adds to Ackman's war chest for long-term investments modeled after the empire of Warren Buffett.
The investment platform operates a concentrated portfolio of 10 large-cap names. The listing comes after years of social media promotion regarding Ackman's vision for the firm.