Operates as an alternative asset manager focused on permanent capital vehicles and long-term, high-return investment strategies.
Growth is driven by compounding assets under management (AUM) and launching new permanent capital vehicles, with a focus on organic growth rather than frequent fundraising.
Manages flagship funds including Pershing Square Holdings (PSH), private funds, and, post-IPO, Pershing Square USA (PSUS), as well as a significant stake in Howard Hughes Holdings (HHH).
Employs a concentrated, research-intensive value investing approach, complemented by opportunistic asymmetric hedging.
Maintains a lean, scalable, high-margin business model with a largely fixed cost base and minimal capital intensity.
As of December 31, 2025: $30.7 billion in total AUM, $20.7 billion in fee-paying AUM, with 96% classified as permanent capital.
For the year ended December 31, 2025: total revenue of $762.5 million and GAAP net income attributable to the partnership of $249.8 million.
Fee-Related Earnings (FRE) for 2025: $297.9 million, with a margin of 87%.
Distributable Earnings (DE) for 2025: $312.5 million.
Performance fees increased 113% year-over-year in 2025, driven by strong fund returns.
PSH net return since inception (2004–2025): 2,644% vs. S&P 500 at 836%.
Annualized net return for PSH (2018–2025): 22.6%, outperforming the S&P 500 by 830 bps per annum.
The IPO does not generate proceeds for the company; all net proceeds from the PSUS IPO and private placement go to PSUS.
Shares of common stock are issued to PSUS IPO and private placement investors for no additional consideration.
The company invests alongside investors in new vehicles, including a $150 million anchor investment in PSUS, financed with a term loan facility.
Capital allocation is focused on compounding permanent capital, launching new funds, and executing strategic transactions such as the HHH Transaction.
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