Bill Ackman is set to take his hedge fund public on April 28, 2026 — and for the first time, retail investors can get in.
Pershing Square USA (NYSE: PSUS) aims to raise between $5 billion and $10 billion at $50 per share. Unlike a traditional hedge fund requiring institutional capital and multi-year lock-ups, PSUS trades on the NYSE like a regular stock. Any investor with a brokerage account can buy a single share.
What PSUS Holds
The fund mirrors Ackman's existing strategy: concentrated, long-term positions in 12 to 15 high-quality, predominantly North American large-cap companies at temporary discounts. As of late 2025, the portfolio included Meta, Alphabet, Amazon, Brookfield, and Uber. Pershing Square's AUM now exceeds $28 billion.
Zero Performance Fees
Traditional hedge funds charge '2 and 20' (2% annual fee + 20% of profits). PSUS charges 2% only, meaning investors keep the full upside. This structural advantage is meaningful over a long investment horizon.
The Bonus Sweetener
For every five PSUS shares purchased at IPO, investors receive one free share of Pershing Square Inc. (NYSE: PS), the management company co-listing alongside PSUS. This bonus compensates for the structural risk in all closed-end funds: NAV discount.
The NAV Discount Problem
Closed-end funds can trade below their net asset value. Ackman's existing European fund (PSHZF) traded at a 40% discount in 2022 and sits at roughly 23.3% as of early 2026 — even after generating 20.9% NAV returns in 2025 and a compounded 23% annual NAV growth over eight years (vs. 14% for the S&P 500). Matisse Capital has flagged that structural discounts can emerge early in newly listed closed-end funds.
Our Take
PSUS offers a genuine entry advantage: access to Ackman's strategy with no lock-ups, no performance fees, and without the 23% discount that burdens PSHZF buyers today. The reversal condition: if NAV discount exceeds 20% post-listing and holds, the investment thesis weakens considerably.
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