Pershing Square Capital Management
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.
- Company typePublic
- Founded2003
- HeadquartersNew York, United States
- Headcount11–50
- GTM typeB2B
- OfferingServices
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.
Pershing Square Capital Management firmographics
Firmographics- 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
Pershing Square Capital Management industry classification
Industry- 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
Where Pershing Square Capital Management is headquartered
LocationHeadquarters
- HQ city
- New York
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Pershing Square Capital Management business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure
Revenue model
- 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.
- 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.
- 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
| Model | Billing | Price |
|---|---|---|
| Subscription | Annual | Pershing Square USA (PSUS) — closed-end fund at $50/share IPO price with 2% management fee, no performance fee |
| Subscription | Annual | Pershing Square Holdings (PSH, LSE) — permanent capital vehicle with performance-fee model |
| Other | — | Pershing Square Inc. (PS, NYSE) — management company shares bundled with PSUS purchase |
Go-to-market motion4 records
Distribution channels6 records
Marketing channels8 records
Pershing Square Capital Management product offering
Product offeringCore 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
Companies that use Pershing Square Capital Management
Customer profileSegments4 records
Ideal customer profiles3 records
Pershing Square Capital Management technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration2 records
Feature4 records
Pershing Square Capital Management partnerships and signals
Strategic signalPartnerships
Seven partnerships are on record, tiered core, flagship and minor.
- Carlyle Group and Hellman & FriedmancoreCarlyle 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)flagshipPershing 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 AlliancecorePershing 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 SchwabcorePartnerships 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)coreMarc 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)flagshipPershing 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 FoundationminorBill 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
Pershing Square Capital Management competitors and assessment
Company assessmentBroad 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
Pershing Square Capital Management social profiles
Digital presencePershing Square Capital Management compliance and trust
Trust signalCompliance3 records
Pershing Square Capital Management financial estimates
Financial estimateRevenue estimate
Valuation estimate
Pershing Square Capital Management leadership team
Management profileNumber of profiles
Profiles16 records
Pershing Square Capital Management subsidiaries and ownership
Company hierarchySubsidiaries8 records
Pershing Square Capital Management funding detail
Funding detailFunding overview
Funding rounds1 record
Investors5 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Pershing Square Capital Management M&A and investment
M&A and investmentM&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
What does Pershing Square Capital Management do?
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.
Is Pershing Square Capital Management a public or private company?
Pershing Square Capital Management is a public company. It is classified as public and is currently operating.
When was Pershing Square Capital Management founded?
Pershing Square Capital Management was founded in 2003. It employs 11 to 50 people.
Where is Pershing Square Capital Management based?
Pershing Square Capital Management is headquartered in New York, United States, in the North America region.
How does Pershing Square Capital Management make money?
Three revenue lines are on record. Asset management fees are the primary driver. The others are performance fees on fund appreciation and investment income from concentrated equity portfolio.
Who are Pershing Square Capital Management's main competitors?
Broad incumbents on record are Berkshire Hathaway, Brookfield Asset Management and BlackRock. Direct peers are Bridgewater Associates, Citadel LLC, Elliott Investment Management, Third Point, ValueAct Capital and Greenlight Capital. Howard Hughes Holdings is listed as an others.
Does Pershing Square Capital Management have an API?
No public API is recorded for Pershing Square Capital Management.
What industry is Pershing Square Capital Management in?
Pershing Square Capital Management's product category is Alternative Asset Management. Its primary akta.pro industry code is FSAHAAAG, Small-/Mid-Cap Equity Long/Short, with a secondary code of FSAAAHAJ, Multi-Sector / Total Return Fixed Income. Its NAICS code is 5259 and its SIC code is 6199.