March 10 (Reuters) - Billionaire investor Bill Ackman's Pershing Square filed for U.S. initial public offerings of his hedge fund and a new fund on Tuesday, looking set to join a small club of publicly traded alternative asset managers.
The move marks a major milestone for Ackman, the activist investor who has established himself as one of Wall Street's most watched investors. He is known for pushing for changes in companies such as Chipotle Mexican Grill to railroad Canadian Pacific.
Ackman had previously
attempted to take the new fund, Pershing Square USA, public in 2024, but scrapped the launch days before it was slated to begin trading.
Investors in the new fund will receive shares in Pershing Square as a sweetener.
Pershing Square USA currently expects to raise between $5 billion and $10 billion in the combined transaction.
The fund has secured $2.8 billion in commitments from U.S. and international institutional investors such as family offices, pension funds, insurance companies, and ultra-high-net-worth investors.
Pershing Square had sold a 10% stake in the hedge fund in 2024 to a consortium of institutional investors and family offices at a $10.5 billion valuation as a precursor to a potential IPO.
Citigroup, UBS Investment Bank, BofA Securities, Jefferies and Wells Fargo Securities are the underwriters for the combined IPO.
Pershing Square and Pershing Square USA will list on the New York Stock Exchange under the trading symbol "PS" and “PSUS" respectively.
(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Shreya Biswas and Saumyadeb Chakrabarty)
