Iran War is Good for Investment Funds, Says Ackman as He Files for Pershing Square IPO

2026-03-10 14:52:47

Abstract generation in progress

Investment guru Bill Ackman said he stood to benefit from the Iran war today as he filed to list his hedge fund firm Pershing Square Capital Management and new fund Pershing Square USA on the New York Stock Exchange.

Claim 70% Off TipRanks Premium

Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
Stay ahead of the market with the latest news and analysis and maximize your portfolio’s potential

The investment company, listed as Pershing Square Holdings Ltd in London, said it has secured $2.8 billion in commitments and expects to raise between $5 billion and $10 billion in the combined transaction.

Dual Listing

Under the dual listing structure, Pershing Square’s common shares and the shares of its closed-end fund, Pershing Square USA, will both trade on the NYSE. The securities will trade separately.

The investment firm said it has secured $2.8 billion in commitments ahead of the offering from a mix of family offices, pension funds, insurance companies and ultra-high-net-worth investors.

Ackman previously attempted to take Pershing Square USA public in 2024, but scrapped the launch days before it was due to begin trading.

Stock Market Disruption

“Oftentimes, investment banks advise companies that are considering initial public offerings to postpone their offerings during such market conditions as IPO investors discount the price they are willing to pay for a company when risk premiums rise,” Ackman said in a letter, referring to the current Iran war. “While this advice makes sense for operating companies, the opposite is true for IPOs of investment vehicles like PSUS as the greater the stock market disruption, so the better for PSUS’s acquisition program.”

Pershing Square USA, which will invest in 12 to 15 undervalued North American-listed companies, is expected to ape Ackman’s existing hedge fund but offer lower fees and quicker access to capital. This should boost its appeal to a wide pool of investors.

Citigroup C +2.81% ▲ and UBS Investment Bank UBS +1.79% ▲ are among the IPO underwriters.

Pershing Square and Pershing Square USA will list on the New York Stock Exchange under the trading symbols “PS” and “PSUS,” respectively.

What Other IPOs are on the Way?

Let’s look at some other IPOs in the pipeline with our TipRanks IPO calendar.

Disclaimer & DisclosureReport an Issue

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.