Pershing Square Holdings

What Pershing Square Holdings does

Pershing Square Holdings, Ltd. (PSH) is a Guernsey-incorporated, closed-ended investment holding company listed on the London Stock Exchange Main Market (tickers PSH in GBP and PSHD in USD), founded in 2012 and externally managed since inception by Pershing Square Capital Management, L.P. (PSCM), a Delaware-influenced investment adviser founded by William A. Ackman in 2004 and based in New York. PSH holds concentrated positions (typically 8-12 core holdings) in liquid, large-capitalization North American companies, pursuing long-term compounded intrinsic value growth per share through a public equities and asymmetric hedging investment style. The portfolio as of mid-2026 includes Amazon, Microsoft, Meta Platforms, Uber, Brookfield, Fannie Mae, Freddie Mac, Restaurant Brands International, Hertz, Howard Hughes Holdings, and Seaport Entertainment, with Universal Music Group sold in June 2026 at a profit exceeding $600 million on a nearly five-year position.

The company's business model centers on a permanent capital closed-ended fund structure that cannot be redeemed, modeled after Berkshire Hathaway. Revenue for the broader Pershing Square complex is generated by PSCM through management fees (e.g., 2% on Pershing Square USA, or PSUS) and performance fees; PSH itself distributes quarterly dividends ($0.1837 per share as of June 2026) and conducts ongoing share buybacks at discounts to NAV, currently around a 32% discount. In April 2026, the affiliated Pershing Square USA (PSUS) and parent Pershing Square Inc. (PS) completed a combined $5 billion IPO on the NYSE, with retail distribution partnerships with Robinhood and Charles Schwab and a reduced $250 minimum investment, marking the firm's pivot toward U.S. individual investors following a 2025 SEC policy shift.

PSH's broader ecosystem includes Pershing Square SPARC Holdings (a special purpose acquisition vehicle targeting transactions over $1.5 billion with SEC-approved NYSE trading of subscription rights), a $500 million senior notes issuance (October 2025, 5.500% coupon due 2032), and a $1 billion preferred stock investment in Howard Hughes Holdings (June 2026) tied to HHH's $2.1 billion Vantage Group acquisition. Governance is provided by an independent board chaired by Rupert Morley, with Charlotte Denton, Andrew Henton, Jean-Baptiste Wautier, Julian Ide (appointed June 2026), and Halit Coussin (PSCM CLO/CCO) as directors. The company maintains standard asset management technology infrastructure (monthly transparency reports, NAV publications, CFTC statements) with no disclosed proprietary AI/ML capabilities.

Name

Pershing Square Holdings

Legal name

Pershing Square Holdings, Ltd.

Website

https://pershingsquareholdings.com

Company type

Public

Founded year

2012

Operating status

Operating

Headcount range

11–50 employees

Short description

Pershing Square Holdings is a Guernsey-domiciled, closed-ended investment fund listed on the London Stock Exchange, externally managed by Bill Ackman's PSCM, holding concentrated positions in 8-12 large-cap North American companies for long-term compounding.

Ownership category

akta.pro rank

Product category

Closed-ended Investment Fund / Public Equity Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Portfolio Management and Investment Advice (52394)

SIC

Investment Advice (6282), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Large-Cap Equity (Active) (FSAAAIAA)

akta.pro secondary industry

Fundamental/Discretionary Equity Long/Short (FSAHAAAA)

Keywords

• Closed-ended investment fund
• Concentrated public equity
• Large-cap value investing
• Asset management holding
• Permanent capital fund

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices5 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Management Fees and Performance Fees: Pershing Square Capital Management (PSCM) earns management fees and performance fees for managing PSH's investment portfolio. PSH Board amended the Investment Management Agreement in February 2024 to reduce PSH's performance fees by 20% of management fees earned from PSUS and other Pershing Square funds without performance fees, following the $5B PSUS IPO closing in April 2026. The closed-ended fund structure creates long-term permanent capital with no redemption pressure.
2. Investment Returns (Capital Appreciation): PSH shareholders benefit from NAV growth through concentrated investments in high-quality large-cap companies. PSH reported 20.9% NAV growth and 33.9% total shareholder return in 2025, outperforming S&P 500's 17.9% total return, partly driven by narrowing discount to NAV. Returns presented net of management fees, brokerage commissions, administrative fees, and accrued/crystallized performance fees.
3. Quarterly Dividend Distributions: PSH pays quarterly dividends to public shareholders, with $0.1837 per Public Share paid on June 22, 2026, subject to solvency requirements and maintaining total indebtedness below one-third of total capitalization. Dividends are eligible for reinvestment through the Dividend Reinvestment Programme (DRIP).

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

Pershing Square Holdings, Ltd. is an investment holding company structured as a closed-ended fund that principally acquires and holds concentrated positions in 8 to 12 liquid, listed large-capitalization North American companies, with the objective of maximizing its long-term compound annual rate of growth in intrinsic value per share. The Investment Manager, Pershing Square Capital Management, L.P. (PSCM), manages the portfolio under an Investment Management Agreement and typically engages in only one to three new core investments per year, complemented by asymmetric hedging strategies. PSH pays quarterly dividends to public shareholders and provides monthly NAV updates, monthly transparency reports, and (from Q2 2026) quarterly portfolio reviews alongside its annual and semiannual reporting.

Product overview

Pershing Square Holdings, Ltd. (PSH) is a single closed-ended investment fund product rather than a platform-plus-modules architecture. The core product is the Guernsey-domiciled closed-ended fund PSH, which is externally managed by Pershing Square Capital Management, L.P. (PSCM). Under the Pershing Square umbrella, the company has launched additional sub-products: Pershing Square SPARC Holdings, Ltd. (a special purpose acquisition vehicle that trades subscription rights on the NYSE), the NYSE-listed closed-end fund Pershing Square USA, Ltd. (PSUS), and the NYSE-listed asset management holding company Pershing Square Inc. (PS), both of which debuted together on April 29, 2026 via a $5 billion combined IPO. The portfolio itself consists of publicly disclosed concentrated long positions in liquid, large-capitalization North American companies (e.g., Amazon, Brookfield, Fannie Mae, Freddie Mac, Hertz, Howard Hughes Holdings, Meta, Microsoft, Pershing Square SPARC Holdings, Restaurant Brands International, Seaport Entertainment, Uber, and Universal Music Group).

Differentiator

Problem solved

Functional benefit

Brands

• Pershing Square Capital Management (PSCM): External investment manager of PSH and the broader Pershing Square fund complex, founded by William A. Ackman in 2003/2004 and based in New York.
• Pershing Square USA (PSUS)
• Pershing Square Inc. (PS)
• Pershing Square SPARC Holdings

Products and services

• Pershing Square Holdings, Ltd. (PSH) Public Shares Closed-ended investment holding company incorporated in Guernsey, structured to hold concentrated positions (typically 8–12 core holdings) in liquid, listed large-capitalization North American companies; trades on LSE Main Market (PSH in GBP, PSHD in USD), ISIN GG00BPFJTF46; pays quarterly dividends and is the core publicly listed fund in the Pershing Square complex.
• Pershing Square USA, Ltd. (PSUS) NYSE-listed closed-end fund managed by Pershing Square Capital Management; targets 12 to 15 undervalued North American-listed large-cap companies, with permanent capital, no performance fees, a 2% annual management fee, and a Berkshire Hathaway-style structure designed for U.S. retail investors; eligible investors receive one share of Pershing Square Inc. (PS) for every five PSUS shares purchased.
• Pershing Square Inc. (PS) NYSE-listed parent company of the Pershing Square investment manager; models a Berkshire Hathaway-style fee structure where 96% of fee-paying AUM is permanent capital, charging fees on fund appreciation rather than traditional management fees; provides U.S. investors with direct listed exposure to the Investment Manager alongside PSUS.
• Pershing Square SPARC Holdings, Ltd. Pershing Square-backed special purpose acquisition vehicle designed to take large private companies public without traditional IPO costs, underwriting fees, or shareholder warrants, targeting transactions requiring at least $1.5 billion in capital; SEC-approved NYSE rule change allows its subscription rights to trade on the exchange during a 20 business day window after entering a business combination agreement; held as a portfolio company of PSH.
• Pershing Square Capital Management, L.P. (PSCM) Investment Management Services External investment manager for PSH and affiliated funds; SEC-registered investment adviser founded by William A. Ackman on January 1, 2004 and formed in Delaware in 2003; based in New York; responsible for investing PSH's assets per its investment policy, typically initiating only one to three new core investments per year and engaging in hedging strategies; operates internal Valuation, Conflicts, Best Execution, Information Security, and Disclosure committees.
• Quarterly Dividend Distributions and Dividend Reinvestment Programme (DRIP) PSH pays quarterly dividends to public shareholders (e.g., $0.1837 per Public Share on June 22, 2026), with annual escalation from $0.10–$0.125 in 2022 to $0.1837 in 2026, subject to solvency requirements and maintaining total indebtedness below one-third of total capitalization; dividends are eligible for reinvestment through the Dividend Reinvestment Programme administered by MUFG Corporate Markets.

Quantifiable outcome

• 20.9% NAV growth and 33.9% total shareholder return in 2025
• +4 more outcomes

Named customers13 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

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

• Howard Hughes Holdings Inc.flagshipStrategic or Co-development Partner · 4 June 2026PSH completed subscription for $1 billion of non-voting exchangeable perpetual preferred stock in Howard Hughes Holdings in connection with HHH's $2.1 billion acquisition of Vantage Group Holdings. PSH holds approximately 28% of HHH's common stock directly and 46.9% collectively through affiliated funds. PSH will manage Vantage's investment portfolio on a fee-free basis as part of HHH's strategy to transform into a diversified holding company. The PSH Preferred Stock ranks pari passu with HHH common stock with HHH holding repurchase rights in 14 equally sized tranches over seven fiscal years.
• Vantage Group Holdings Ltd.coreStrategic or Co-development Partner · 4 June 2026Pershing Square Capital Management (PSCM) will assume fee-free management of Vantage Group's investment portfolio as part of Howard Hughes Holdings' acquisition financing. PSH provided $1 billion in non-voting exchangeable perpetual preferred stock and $200 million capital infusion to strengthen Vantage's balance sheet. Vantage is a specialty insurance and reinsurance company acquired from Carlyle Group and Hellman & Friedman for approximately $2.1 billion, closing on June 4, 2026.
• Marc Grandisson (former Arch Capital CEO)coreStrategic or Co-development Partner · 7 May 2026Marc Grandisson appointed to Howard Hughes Holdings Board of Directors effective May 7, 2026, as Pershing Square-designated director. Investing $10 million to acquire warrants for 1,131,273 shares of HHH common stock at $100 strike price. Scheduled to become a partner at Pershing Square in March 2027, where he will receive 400,000 restricted stock units vesting over four years.
• Universal Music Group N.V.coreStrategic or Co-development Partner · 7 April 2026Pershing Square made a $64 billion takeover bid (€55.75 billion / $63.5 billion) for Universal Music Group, a non-binding proposal for cash-and-stock merger at €30.40 per share representing 78% premium. Proposed deal would merge UMG with Pershing Square SPARC Holdings and list on NYSE. UMG's board formally rejected the proposal on May 29, 2026 as 'fundamentally and materially undervalued'. Pershing Square subsequently sold entire ~80.6 million UMG shares through overnight placing in June 2026, raising approximately €1.5 billion.
• Pershing Square Capital Management, L.P. (PSCM)flagshipStrategic or Co-development PartnerPSCM serves as PSH's Investment Manager, founded by William A. Ackman on January 1, 2004. Registered as investment adviser with the U.S. Securities and Exchange Commission and based in New York. Formed in 2003 under the laws of the State of Delaware. PSCM has responsibility, subject to Board oversight, for the investment of PSH's assets and liabilities in accordance with the investment policy. Investment Management Agreement amended February 2024 to reduce PSH's performance fees by 20% of management fees earned from PSUS.
• Northern Trust International Fund Administration Services (Guernsey) LimitedcoreImplementation/ SI/ Consulting PartnerNorthern Trust serves as the Company's Administrator, maintaining regular contact with the Board between meetings. Located at P.O. Box 255, Trafalgar Court, Les Banques, St. Peter Port, Guernsey GY1 3QL, tel +44(0) 1481 745001. Directors are kept informed of investments and other matters relevant to the operation of the Company through this relationship.
• MUFG Corporate Markets (Guernsey) LimitedcoreImplementation/ SI/ Consulting PartnerMUFG Corporate Markets serves as PSH's Registrar, located at Mont Crevelt House, Bulwer Avenue, St Sampson, Guernsey GY2 4LH. MUFG affiliate acts as the Dividend Reinvestment Programme (DRIP) agent, acquiring shares in the market to fulfil DRIP demand. Shareholders become clients of MUFG's affiliate upon DRIP participation.
• Jefferies International LimitedcoreImplementation/ SI/ Consulting PartnerJefferies acts as PSH's buyback agent, purchasing PSH Public Shares through the company's share buyback program. Active program with weekly transactions published, including purchases on London Stock Exchange (PSH ticker in pence) and PSHD ticker (in USD). Also serves as global coordinator and bookrunner for the combined Pershing Square USA and Pershing Square Inc. IPO.
• CamarcominorGTM or Marketing PartnerCamarco serves as PSH's media contact for media inquiries (Ed Gascoigne-Pees / Julia Tilley, +44 (0)20 3781 8339 / +44 (0)20 3757 4980). [email protected] is the contact email. Camarco handles distribution of press releases and media communications for PSH.
• Pershing Square SPARC Holdings, Ltd.flagshipStrategic or Co-development PartnerRelated 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 rules allowing SPARC's subscription rights to trade on the exchange during a 20 business day period after entering a business combination agreement.
• Robinhood and Charles SchwabcoreChannel Partner/ Reseller/ DistributorPartnerships with Robinhood and Charles Schwab to attract retail investor participation in the combined Pershing Square USA and Pershing Square Inc. IPO. Reduced minimum investment to $250. Bonus share structure offered: investors receive one share of Pershing Square Inc. for every five shares of Pershing Square USA purchased at $50/share.
• Pershing Square Sohn Cancer Research AlliancecoreGTM or Marketing PartnerThe Pershing Square Sohn Cancer Research Alliance, affiliated with Pershing Square, awarded 13 winners of the 2026 Pershing Square Sohn Cancer Prize representing a doubling of recipients as the program expanded from a regional New York initiative to a national platform. The prize awards $9 million in total funding with $750,000 grants distributed to each awardee. Over 13-year history, the Alliance has awarded $58 million to 90 scientists at 24 institutions.
• Berkshire HathawayminorStrategic or Co-development PartnerPershing Square's investment approach is frequently compared to Berkshire Hathaway's holding company model. BofA Securities described Pershing Square's permanent capital structure as a 'baby Buffett' model. Both Berkshire Hathaway and Pershing Square increased technology holdings in 2026, including similar stakes in Microsoft and competing approaches to Alphabet.

Scale indicators11 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Berkshire Hathaway: The archetypal publicly-traded diversified holding company and the explicit model for Pershing Square's permanent-capital structure. Both Berkshire and PSH concentrate capital in high-quality businesses, maintain permanent capital bases, and rely on long-duration holding periods. BofA Securities explicitly described PSH's structure as a 'baby Buffett' model.
• Icahn Enterprises (IEP): Publicly-traded closed-end holding company with activist investment strategy and concentrated portfolio approach. Like PSH, IEP uses a permanent capital master limited partnership structure, takes significant positions in individual companies, and trades at a discount to NAV reflecting similar structural concerns about key-person risk and portfolio concentration.
• Pershing Square USA (PSUS): Sister closed-end fund vehicle managed by the same investment team (PSCM) and listed on NYSE since April 2026. PSUS targets 12-15 North American large-caps with a 2% management fee and no performance fee, making it the closest structural mirror to PSH but with retail-friendly fee economics and U.S. listing.
• RIT Capital Partners: London-listed investment trust with permanent capital structure, global multi-asset strategy, and concentrated high-conviction positions. Like PSH, RIT trades on the LSE, operates without redemption pressure, and emphasizes long-term capital appreciation through active asset allocation.
• Third Point Investors (TPOU): London-listed closed-end fund run by Dan Loeb's Third Point, providing retail investors concentrated exposure to an activist hedge fund manager. Closely comparable structure to PSH — publicly traded closed-end vehicle, concentrated public equity strategy, activist engagement approach — though with global rather than North American-only mandate.
• Lindsell Train Investment Trust: UK-listed investment trust with highly concentrated portfolio (typically 25-30 holdings) of high-quality compounders, run by Nick Train. Like PSH, Lindsell Train emphasizes long-duration holding periods, quality-driven stock selection, and permanent capital structure through the closed-end trust format.
• Personal Assets Trust: UK investment trust focused on capital preservation and inflation-protected growth through concentrated equity and inflation-linked bond positions. Shares the closed-end trust structure, permanent capital base, and concentrated active management approach that defines PSH's model.
• Pershing Square Inc. (PS): NYSE-listed parent of Pershing Square Capital Management that debuted alongside PSUS in the April 2026 combined IPO. Directly comparable as a publicly-traded asset management holding company with concentrated permanent-capital AUM, though its value derives from management fees on affiliated funds rather than direct equity investment returns.

Broad incumbents

• Brookfield Asset Management (BAM): Large publicly-traded alternative asset manager with permanent capital closed-end fund products and a focus on long-duration real assets and credit. Notably, Brookfield Corporation is itself a major PSH portfolio holding (17.5% of stock portfolio per Q4 2025), reflecting the firms' overlapping investment universe.
• Blackstone (BX): Largest publicly-traded alternative asset manager, offering a broad range of closed-end fund vehicles including perpetual capital BDCs and interval funds. While broader in mandate than PSH's concentrated public equity focus, Blackstone shares the public-market-listed, permanent-capital, fee-driven business model that defines asset management platforms.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/pershing-square-holdings-ltd

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries3 records

Funding overview

Funding rounds6 records

Investors

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

M&A

Investments2 records

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

Frequently asked questions about Pershing Square Holdings