3 hours ago - Business

Bill Ackman revives his IPO plans

Dan Primack

Photo illustration of Bill Ackman in front of giant pile of money and a trend line — Photo illustration: Sarah Grillo/Axios. Photo: Sylvain Gaboury/Patrick McMullan via Getty Images

Pershing Square Capital Management, the hedge fund firm led by Bill Ackman, on Tuesday filed to raise between $5 billion and $10 billion in an IPO .

Why it matters: Ackman won't give up his chase for permanent capital, or retail investors, wanting to be a next-gen Warren Buffett.

He last tried in 2024, with talk of raising $25 billion via IPO, but the effort ultimately failed.

Catch up quick: Ackman in 2020 raised $4 billion via a blank-check structure, but later returned the money after failing to close on a proposed deal with Vivendi for Universal Music.

Pershing Square does have a London listing, which early last year was consolidated with a dual listing in Amsterdam.

The bottom line: Pershing Square plans to trade on the NYSE (PS) and reports $762 million in 2025 revenue — $532 million in performance fees and $230 million in management fees.

It technically would be a dual-listing for Pershing Square common stock and shares of its closed-end fund, and already has around $2.8 billion in commitments.

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Bill Ackman revives his IPO plans

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