Bill Ackman prepares a dual Wall Street listing for Pershing Square

Billionaire and activist investor Bill Ackman has filed paperwork to list his hedge fund Pershing Square in the United States, along with a new investment vehicle called Pershing Square USA. The transaction could enable him to join the small group of listed alternative asset managers, with his fund managing about $30.7bn in assets.

Pershing Square USA plans to raise between $5bn and $10bn, with an offering price set at $50 per share. Investors in the new fund will receive 20 Pershing Square shares for every 100 shares subscribed, an incentive designed to attract capital. The fund has already secured $2.8bn in commitments from institutional investors, family offices and pension funds.

The new vehicle is expected to invest in 12 to 15 publicly traded North American companies deemed undervalued, drawing on the existing fund's strategy, while offering lower fees and faster access to capital. The two entities are expected to list on the New York Stock Exchange under the symbols "PS" for Pershing Square and "PSUS" for Pershing Square USA, with Citigroup, UBS, BofA Securities, Jefferies and Wells Fargo as the deal's lead banks.