Pershing Square Capital Management

What Pershing Square Capital Management does

Pershing Square Capital Management, L.P. (PSCM) is a New York-based, SEC-registered investment adviser founded in December 2003 by Bill Ackman, operating as the core operating entity of publicly listed Pershing Square Inc. (NYSE: PS). The firm manages a concentrated, high-conviction public-equity portfolio on behalf of institutional and retail investors through a permanent capital architecture spanning three listed vehicles: Pershing Square Holdings, Ltd. (LSE: PSH, $14B Fee-Paying AUM), Pershing Square USA, Ltd. (NYSE: PSUS, $5B Fee-Paying AUM), and Howard Hughes Holdings Inc. (NYSE: HHH, $4B Fee-Paying AUM), totaling $34B in Firm AUM as of May 31, 2026, with 98% classified as permanent capital. PSCM's investment approach follows an eight-pillar selection framework (simple/predictable/FCF-generative, formidable barriers to entry, limited extrinsic exposure, strong financial profile, minimal capital markets dependency, large-cap, attractive valuation, exceptional management/governance) and opportunistically deploys asymmetric hedges via credit derivatives; documented returns include 16.2% annualized since 2004, $2.6B profit from a $27M March 2020 CDS outlay, and ~$3B from a ~$60M General Growth Properties position in 2008-2009.

The firm's revenue model is modeled on Berkshire Hathaway, charging fees on fund appreciation rather than traditional 2-and-20 management-and-performance structures, with the exception of PSUS which charges a 2% annual management fee without performance fees. Distribution is multi-channel: NYSE and LSE exchange listings, institutional private placement (which supplied $2.8B of the $5B Combined IPO), and retail broker partnerships with Robinhood and Charles Schwab. The lean 11-50 person firm is led by Ackman (CEO/Chairman), Ryan Israel (CIO since August 2022), Ben Hakim (President since June 2024), and is supported by an investment team drawn from Goldman Sachs, KKR, Apollo, Hellman & Friedman, and Silver Lake. Recent strategic moves include the April 2026 Combined IPO ($5B raised), the rejected $64B UMG takeover bid (April 2026), the HHH-Vantage $2.1B acquisition (June 2026), and the expansion of HHH into a Berkshire-style diversified holding company following Pershing Square's $900M May 2025 investment.

Name

Pershing Square Capital Management

Legal name

Pershing Square, Inc.

Website

https://pershingsquareinc.com/

Company type

Public

Founded year

2003

Operating status

Operating

Headcount range

11–50 employees

Short description

Pershing Square Capital Management is a New York-based, SEC-registered alternative asset manager founded in 2003 that runs a concentrated, high-conviction public-equity strategy on $34B of largely permanent capital across three listed vehicles (PSH, PSUS, HHH), serving institutional and — newly — U.S. retail investors via a Berkshire Hathaway-style fee-on-appreciation model.

Ownership category

akta.pro rank

Product category

Alternative Asset Management

NAICS

Other Investment Pools and Funds (5259)

SIC

Finance Services (6199)

akta.pro primary industry

Small-/Mid-Cap Equity Long/Short (FSAHAAAG)

akta.pro secondary industry

Multi-Sector / Total Return Fixed Income (FSAAAHAJ)

Keywords

• Alternative asset management
• Hedge fund management
• Permanent capital vehicles
• Concentrated equity investing
• Activist investment management

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Asset management fees: Pershing Square charges recurring management fees on its Fee-Paying AUM across PSH ($14B), PSUS ($5B), and HHH ($4B). The Combined IPO triggered a fee reduction mechanism reducing PSH performance fees by 20% of management fees earned from PSUS and other Pershing Square funds without performance fees, adopted via February 2024 amendment to PSH's Investment Management Agreement.
2. Performance fees on fund appreciation: Pershing Square's fee model charges fees on fund appreciation rather than traditional management fees, resembling Berkshire Hathaway's structure and helping the firm avoid forced-selling situations. Note: PSUS and other Pershing Square funds are structured without performance fees.
3. Investment income from concentrated equity portfolio: Pershing Square also earns investment returns on its concentrated portfolio of large-cap growth positions (Amazon, Microsoft, Meta, Brookfield, Uber, Restaurant Brands International, Fannie Mae, Freddie Mac, etc.); founder Bill Ackman's personal net worth grew from $4.3B to ~$9.2B in 2024 reflecting fund performance.

Pricing tiers

Go-to-market motion4 records

Distribution channels6 records

Marketing channels8 records

Core offering

Pershing Square is an alternative asset management company that earns predictable and recurring fee revenues from three permanent capital vehicles (PSH, PSUS, and HHH). It manages a concentrated, high-conviction portfolio of large-cap equities and pursues a Berkshire Hathaway-style holding company model with long-duration capital deployment. The firm also opportunistically uses asymmetric hedges such as credit derivatives to protect its portfolio against macroeconomic and geopolitical risks.

Product overview

Pershing Square operates as an alternative asset management company with a single core investment advisory business (Pershing Square Capital Management, L.P., or PSCM), which serves as the operating entity that earns predictable and recurring fee revenues from a set of permanent capital vehicles. As of May 31, 2026, the company reports $34 billion in Total Firm AUM across three named permanent capital vehicles: Pershing Square Holdings, Ltd. (LSE: PSH, Fee-Paying AUM: $14B), Pershing Square USA, Ltd. (NYSE: PSUS, Fee-Paying AUM: $5B), and Howard Hughes Holdings Inc. (NYSE: HHH, Fee-Paying AUM: $4B), with 98% of fee-paying AUM classified as permanent capital. The architecture pairs the core investment advisor (PSCM) with the NYSE-listed parent company Pershing Square Inc. (PS), the LSE-listed flagship vehicle (PSH), the NYSE-listed closed-end fund (PSUS), and the controlled diversified holding company (HHH), alongside the historical/liquidated vehicles Pershing Square Tontine Holdings (PSTH, liquidated 2022) and the active Pershing Square SPARC Holdings special purpose acquisition vehicle. Together these products form a Berkshire Hathaway-style permanent capital structure that channels investment activity through PSCM, which charges fees on fund appreciation rather than traditional management fees, helping the firm avoid forced-selling situations.

Differentiator

Problem solved

Functional benefit

Brands

• Pershing Square Holdings (PSH): Closed-end permanent-capital investment vehicle listed on Euronext Amsterdam and the London Stock Exchange.
• Pershing Square USA (PSUS)
• Pershing Square SPARC Holdings

Products and services

• Pershing Square Capital Management, L.P. (PSCM) SEC-registered investment adviser based in New York City, founded by Bill Ackman in 2003. Manages the Pershing Square funds and permanent capital vehicles and serves as the central operating entity that earns predictable and recurring fee revenues on a fund-appreciation model.
• Pershing Square Holdings, Ltd. (PSH) LSE-listed (LSE: PSH) flagship closed-end permanent capital vehicle for institutional and European retail investors. Fee-Paying AUM of $14 billion as of May 31, 2026. Added to the FTSE 100 in December 2020. Charges fees on fund appreciation rather than traditional management fees.
• Pershing Square USA, Ltd. (PSUS) NYSE-listed (NYSE: PSUS) closed-end management investment company registered under the Investment Company Act of 1940, advised by PSCM. First Pershing Square product distributed directly to U.S. individual investors following the 2025 SEC policy shift, with a $250 minimum and partnerships with Robinhood and Charles Schwab. Fee-Paying AUM of $5 billion as of May 31, 2026. Carries a 2% annual management fee with no performance fee.
• Pershing Square Inc. (PS) NYSE-listed (NYSE: PS) parent company of Pershing Square Capital Management, L.P. Formed through statutory conversion of Pershing Square Holdco, L.P. from a Delaware limited partnership to a Nevada corporation. Earns predictable and recurring fee revenues from permanent capital vehicles. PS shares are bundled free with PSUS purchases (1 PS per 5 PSUS).
• Howard Hughes Holdings Inc. (HHH) NYSE-listed (NYSE: HHH) diversified holding company in which Pershing Square owns approximately 28% of common stock directly and 46.9% collectively. Transformed into a holding company structure following the $2.1 billion Vantage Group acquisition in June 2026. Fee-Paying AUM of $4 billion as of May 31, 2026. Pershing Square also assumed fee-free management of Vantage's investment portfolio.
• Pershing Square SPARC Holdings, Ltd. (SPARC) Special purpose acquisition rights company (SPARC) backed by Pershing Square, designed to take large private companies public without traditional IPO costs, underwriting fees, or shareholder warrants. SEC approved NYSE listing rule changes allowing SPARC subscription rights to trade on the exchange during a 20 business day period after entering a business combination agreement.
• Pershing Square, L.P. Original private investment fund managed by PSCM; commenced investing in January 2004. Onshore fund representing the foundation of Pershing Square's flagship strategy.
• Pershing Square International, Ltd. Offshore private investment fund managed by PSCM; commenced investing in January 2005. Companion to Pershing Square II, L.P. for non-U.S. investors.

Quantifiable outcome

• $34B Total Firm AUM as of May 31, 2026
• +7 more outcomes

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Feature4 records

Partnerships

Seven partnerships are on record, tiered core, flagship and minor.

• Carlyle Group and Hellman & FriedmancoreStrategic or Co-development Partner · 4 June 2026Carlyle Group and Hellman & Friedman were the sellers of Vantage Group Holdings to Howard Hughes Holdings in a $2.1 billion all-cash transaction completed on June 4, 2026. Pershing Square Capital Management provided the $1 billion preferred stock financing for the deal as HHH's largest shareholder.
• Pershing Square SPARC Holdings, Ltd. (SPARC)flagshipStrategic or Co-development Partner · 26 May 2026Pershing Square SPARC is a special purpose acquisition vehicle backed by Pershing Square, designed to take large private companies public without traditional IPO costs, underwriting fees, or shareholder warrants. Targets transactions requiring at least $1.5 billion in capital. SEC approved NYSE listing rule changes allowing SPARC subscription rights to trade on the exchange during a 20 business day period after entering a business combination agreement. Bill Ackman serves as Chairman and CEO of SPARC since November 2021; Ben Hakim serves as President.
• Pershing Square Sohn Cancer Research AlliancecoreOthers · 7 May 2026Pershing Square co-founded this cancer research partnership (with the Sohn Conference Foundation). In 2026, the Alliance doubled its funding commitment, awarding 13 winners of the Pershing Square Sohn Cancer Prize with $9 million in total funding ($750,000 per awardee). Over its 13-year history, the Alliance has awarded $58 million to 90 scientists at 24 institutions.
• Robinhood and Charles SchwabcoreGTM or Marketing Partner · 29 April 2026Partnerships with Robinhood and Charles Schwab were established to enable retail investor participation in the Combined IPO, with minimum investment reduced to $250. Combined with bonus share structure, these partnerships supported retail-focused distribution of the $5 billion IPO.
• Marc Grandisson (former CEO of Arch Capital Group)coreOthers · 20 April 2026Marc Grandisson appointed to Howard Hughes Holdings Board of Directors effective May 7, 2026, with a $10 million personal investment via warrants on 1.13 million HHH shares at $100 strike (five-year term). Grandisson will also join Pershing Square as a partner in March 2027, receiving a grant of 400,000 restricted stock units. Appointment coincides with HHH's expected closing of the Vantage Group acquisition.
• Howard Hughes Holdings Inc. (NYSE: HHH)flagshipStrategic or Co-development Partner · 1 May 2025Pershing Square Capital Management invested $900 million in May 2025 to acquire nine million newly issued shares of HHH, bringing Pershing Square's total ownership to 47%. HHH completed a $2.1 billion acquisition of Vantage Group Holdings on June 4, 2026, financed in part with $1 billion in non-voting exchangeable perpetual preferred stock issued to Pershing Square Holdings. Pershing Square Capital Management also assumed fee-free management of Vantage's investment portfolio.
• Pershing Square FoundationminorOthers · 1 January 2006Bill Ackman serves on the board of the Pershing Square Foundation, which he founded in 2006. The Foundation is a related philanthropic entity supporting causes including the Pershing Square Sohn Cancer Research Alliance.

Scale indicators12 records

Recent moves9 records

Expansion highlights7 records

Broad incumbents

• Berkshire Hathaway: Berkshire Hathaway is the canonical holding company that Pershing Square explicitly emulates with its permanent capital architecture. Both operate concentrated, long-duration capital with insurance/cash-flow businesses underwriting investment activity; Berkshire is far larger and more diversified but serves as the strategic template.
• Brookfield Asset Management: Brookfield is a leading global alternative asset manager with permanent capital architecture across credit, real estate, infrastructure, and private equity. Both firms operate permanent capital models, but Brookfield is substantially larger and more diversified across asset classes.
• BlackRock: BlackRock is the world's largest asset manager with over $10T AUM spanning index, active, and alternative strategies. While Pershing Square is dramatically smaller and more concentrated, both serve institutional and (increasingly) retail clients with branded, scalable investment vehicles.

Direct peers

• Bridgewater Associates: Bridgewater is the world's largest hedge fund sponsor and a direct peer in large-scale alternative asset management. Both firms pursue institutional capital with concentrated, principle-driven macro/economic frameworks and have built enduring institutional franchises over multi-decade horizons.
• Citadel LLC: Citadel is a leading multi-strategy hedge fund with diversified investor base and large AUM. Both compete for institutional capital, run multi-billion-dollar concentrated strategies, and have built branded permanent platforms (Citadel Securities, Pershing Square's permanent capital vehicles).
• Elliott Investment Management: Elliott is one of the largest activist hedge funds and a direct peer in high-conviction, event-driven public-equity investing. Both firms pursue concentrated positions, engage in activist campaigns, and operate permanent-capital strategies targeting large-cap global equities.
• Third Point: Third Point is a leading activist hedge fund with a permanent-capital-listed vehicle (Third Point Investors). Both firms run concentrated, high-conviction strategies with activist engagement, and have pursued listed closed-end fund structures to broaden investor access.
• ValueAct Capital: ValueAct is a large activist hedge fund specializing in constructive engagement with public companies. Both firms pursue concentrated, long-duration positions in large-cap equities with an activist orientation and share a similar philosophical alignment with management-focused value investing.
• Greenlight Capital: Greenlight Capital is a high-profile value-oriented hedge fund with a public-listed vehicle (Greenlight Capital Re). Both firms run concentrated long/short equity strategies, share public-facing founder personalities (David Einhorn, Bill Ackman), and operate permanent capital vehicles accessible to retail.

Others

• Howard Hughes Holdings: HHH is not a peer in the traditional sense — it is a portfolio company in which Pershing Square holds ~47% collective economic interest — but HHH itself is a diversified holding company modeled after Berkshire Hathaway. HHH's role as a controlled operating holding company within Pershing Square's permanent capital structure makes it an ecosystem participant relevant to understanding the parent.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/PershingSquare
• LinkedInlinkedin.com/company/pershingsquare

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Subsidiaries8 records

Funding overview

Funding rounds1 record

Investors5 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments14 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Pershing Square Capital Management