Pershing Square (PS) Investor update summary

IPO and Fund Launch Details

• Launching Pershing Square USA (PSUS), a new NYSE-listed fund, with a $5–10 billion IPO target, $2.8 billion in anchor commitments, and a $1 billion greenshoe option; IPO price is $50 per share, with each participant also receiving a bonus share of Pershing Square Inc. (PSI).

• For every 5 shares of PSUS purchased, investors receive 1 share of PSI; both shares will trade separately post-IPO.

• PSUS is the first U.S.-listed, liquid hedge fund accessible to retail and institutional investors, with no performance fees and a flat 2% management fee.

• Anchor investors are restricted from selling shares for six months, while general IPO shares are freely tradeable post-IPO.

• PSUS receives 100% of the IPO price, net of fees and expenses.

Business Model, Growth, and Valuation

• PSI earns predictable, recurring fee revenues from permanent capital vehicles, managing $31 billion in AUM with 96% permanent capital as of December 2025.

• Fee-related earnings reached $298 million in 2025 at an 87% margin, with fee revenue growing at a high-teens annual rate over five years.

• The launch of PSUS is expected to add $100–$200 million in incremental fee revenue, with further upside from new fund launches and HHH fee growth.

• A $10 billion new fund launch would increase PSI's fee-paying AUM by 32%, with IPO expected to increase AUM by 50–120%.

• PSI's capital-light, high-margin model and simple corporate structure support premium valuation multiples.

Investment Strategy, Structure, and Governance

• PSUS invests alongside Pershing Square's core funds, with best-in-class governance, an independent board, and a team-based investment process.

• The firm operates with a lean team of 48 employees, focusing on concentrated, long-term investments.

• Permanent capital structure minimizes redemption and key man risk, enabling long-term strategies and talent retention.

• Board includes former leaders from the SEC, Fidelity, Morgan Stanley, and other major firms.

• Seven investment team members and 18 partners are major owners, reinforcing alignment.