Pershing Square USA
Pershing Square USA, Ltd. (NYSE:PSUS) is a non-diversified closed-end management investment company that invests in 12–15 high-quality, large-capitalization North American growth companies at discounts to intrinsic value, complemented by asymmetric hedges. It charges a 2% annual management fee with no performance fees and serves institutional and retail investors through NYSE listing and broker partnerships with Robinhood and Charles Schwab.
- Company typePublic
- Founded2026
- HeadquartersNew York, United States
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Pershing Square USA does
Pershing Square USA, Ltd. (NYSE:PSUS) is a non-diversified closed-end management investment company registered under the Investment Company Act of 1940. Founded and externally advised by Bill Ackman-led Pershing Square Capital Management, L.P., the fund invests primarily in 12–15 high-quality, large-capitalization, free-cash-flow-generative North American growth companies acquired at discounts to estimated intrinsic value, complemented by an asymmetric hedging overlay using options and credit default swaps designed to limit capital-at-risk to a small single-digit percentage of total assets. The fund's core technology is therefore financial rather than software — a concentrated, activist-influenced equity strategy with macro hedges — structured under a permanent-capital model explicitly benchmarked to Berkshire Hathaway.
The fund went public on April 29, 2026 via a combined IPO with parent holding company Pershing Square Inc. (NYSE:PS), raising $5 billion in gross proceeds (including $2.8 billion committed in a concurrent private placement). Institutional investors (family offices, pension funds, insurance companies) accounted for approximately 85% of orders, with retail participation enabled by partnerships with Robinhood and Charles Schwab, a reduced $250 minimum investment, and a bonus share structure offering one PSI share for every five PSUS shares purchased. As of June 23, 2026, NAV/share stood at $45.49 against a $50.00 IPO price (YTD return of –9.0%), with shares trading at a 16–20% discount to NAV and ~85% of capital already deployed across eight voluntarily disclosed positions including Amazon, Microsoft, Meta, Uber, Brookfield, Restaurant Brands International, Fannie Mae, and Freddie Mac.
The revenue model is a single recurring line — a 2% annual management fee on fund assets under management, with no performance fees, contrasting with traditional Pershing Square hedge fund economics. The 96% permanent-capital composition of fee-paying AUM means revenue is unusually stable for a fund vehicle. Distribution is dual-channel: institutional direct placement and NYSE secondary trading for institutional and retail investors, supplemented by Ackman's personal X/Twitter presence and live Spaces events as the primary retail-acquisition channel.
Pershing Square USA firmographics
Firmographics- Name
- Pershing Square USA
- Legal name
- Pershing Square USA, Ltd.
- Website
- https://pershingsquareusa.com
- Company type
- Public
- Founded year
- 2026
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Pershing Square USA, Ltd. (NYSE:PSUS) is a non-diversified closed-end management investment company that invests in 12–15 high-quality, large-capitalization North American growth companies at discounts to intrinsic value, complemented by asymmetric hedges. It charges a 2% annual management fee with no performance fees and serves institutional and retail investors through NYSE listing and broker partnerships with Robinhood and Charles Schwab.
- Ownership category
- akta.pro rank
Where Pershing Square USA is headquartered
LocationHeadquarters
- HQ city
- New York
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Pershing Square USA business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Others
Revenue model
- Management Fees: Charges 2% annual management fee on fund assets. No performance fees, unlike traditional hedge funds, aligning with Berkshire Hathaway-style permanent capital model.
- Portfolio Investment Returns: Generates returns through concentrated equity investments in 12-15 large-cap North American companies, seeking to acquire stakes at discounts to intrinsic value.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Annual | Standard Management Fee |
Go-to-market motion1 record
Distribution channels3 records
Marketing channels5 records
Pershing Square USA product offering
Product offeringCore offering
Pershing Square USA, Ltd. is a NYSE-listed non-diversified closed-end management investment company that invests primarily in 12 to 15 high-quality, large-capitalization, free-cash-flow-generative North American growth companies acquired at discounts to intrinsic value. The fund complements its concentrated core equity strategy with asymmetric hedges using options and credit default swaps to protect against macroeconomic risks. Investors access the strategy through a public share offering with a 2% annual management fee and no performance fees, modeled after Berkshire Hathaway's permanent capital structure.
Product overview
Pershing Square USA offers a single closed-end investment fund structure (PSUS) that provides retail and institutional investors access to Pershing Square Capital Management's concentrated, core equity investment strategy. The fund targets 12-15 large-cap North American growth companies acquired at discounts to intrinsic value, complemented by asymmetric macroeconomic hedges. The companion listing of parent company Pershing Square Inc. (PS) is bundled as a bonus incentive with PSUS share purchases. The structure provides permanent capital without redemption pressure, modeled after Berkshire Hathaway's permanent capital approach.
Differentiator
Problem solved
Functional benefit
Products and services
- Pershing Square USA (PSUS) A non-diversified closed-end management investment company listed on the NYSE (ticker: PSUS) that invests primarily in 12-15 high-quality, large-capitalization, free-cash-flow-generative North American growth companies acquired at discounts to intrinsic value. Managed by Pershing Square Capital Management, L.P., with a 2% annual management fee and no performance fees.
Quantifiable outcome
- 16.2% annualized returns since 2004
- +3 more outcomes
Companies that use Pershing Square USA
Customer profileNamed customers8 records
Segments3 records
Ideal customer profiles2 records
Pershing Square USA technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature2 records
Pershing Square USA partnerships and signals
Strategic signalPartnerships
Two partnerships are on record, tiered core.
- RobinhoodcoreRobinhood partnered with Pershing Square to provide retail investors access to the PSUS IPO. This partnership was part of efforts to attract retail participation despite institutional dominance of the offering.
- Charles SchwabcoreCharles Schwab partnered with Pershing Square to provide retail investors access to the PSUS IPO and ongoing trading.
Scale indicators9 records
Recent moves10 records
Expansion highlights5 records
Pershing Square USA competitors and assessment
Company assessmentBroad incumbents
- Sculptor Capital Management: Sculptor Capital (NYSE:SCU) is a publicly listed alternative asset manager running multi-strategy credit and equity hedge fund strategies with institutional capital. It is comparable as a publicly traded sponsor of alternative investment strategies, although it retains traditional hedge fund redemption terms rather than PSUS's permanent-capital model.
- Artisan Partners Asset Management Inc. Artisan Partners (NYSE:APAM) is a publicly listed asset manager offering actively managed equity strategies across multiple vehicles, comparable in being a US-listed investment management business serving both institutional and retail clients through funds and sub-advised accounts.
- Berkshire Hathaway Inc. Berkshire Hathaway (NYSE:BRK) is the archetypal permanent-capital vehicle with concentrated equity holdings and no redemption pressure—the explicit model PSUS cites. While Berkshire is far larger and holds private operating businesses alongside equities, it is the structural and philosophical benchmark for PSUS's closed-end, no-performance-fee model.
- Blue Owl Capital Inc. Blue Owl Capital (NYSE:OWL) is a publicly listed alternative asset manager with permanent-capital products (e.g., Owl Rock, KSK, TriplePoint). It is comparable as a public alternative asset manager that has built permanent-capital product structures, similar to the structural direction PSUS represents.
- Affiliated Managers Group, Inc. Affiliated Managers Group (NYSE:AMG) is a publicly listed multi-affiliate asset manager that holds majority stakes in specialized investment firms. It is comparable as a public-equity vehicle giving investors diversified exposure to active investment management, though its model is affiliate-ownership rather than direct portfolio management.
Direct peers
- Caledonia Investments plc: Caledonia Investments (LSE:CLDN) is a London-listed self-managed investment trust holding concentrated public and private equities, with Anne Farlow serving on its board (and previously chairing PSH). It is comparable to PSUS as a permanent-capital listed vehicle focused on concentrated equity ownership.
- Marathon Asset Management Limited: Marathon Asset Management (LSE:MRE) operates London-listed closed-end funds (Marathon European Infrastructure, Emerging Markets, etc.) that deliver concentrated public-equity exposure to a listed vehicle. It is comparable to PSUS as a listed closed-end alternative-investment platform serving both retail and institutional investors.
- Third Point Investors Limited: Third Point Investors (LSE:TP03) is a London-listed closed-end fund operated by Dan Loeb's Third Point, providing public investors exposure to an event-driven / activist hedge fund strategy. It is structurally analogous to PSUS as a closed-end listed vehicle for an alternative manager, with similar NAV discount dynamics.
- BH Macro Limited: BH Macro (LSE:BHMG) is a Guernsey-listed closed-end fund managed by Brevan Howard, providing investors access to a global macro hedge fund strategy through a listed structure. Like PSUS, it uses a permanent capital closed-end model to eliminate redemption pressure on the underlying manager.
- Pershing Square Holdings Ltd. Pershing Square Holdings (LSE:PSH) is the UK-listed sister fund of PSUS, managed by the same Pershing Square Capital Management team with the same concentrated large-cap North American equity strategy. PSUS was launched in 2026 to offer a US-traded equivalent of PSH, and the two vehicles share portfolio, team, and strategic approach.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Pershing Square USA social profiles
Digital presencePershing Square USA financial estimates
Financial estimateRevenue estimate
Valuation estimate
Pershing Square USA leadership team
Management profileNumber of profiles
Profiles17 records
Pershing Square USA funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Pershing Square USA M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Pershing Square USA
What does Pershing Square USA do?
Pershing Square USA, Ltd. is a NYSE-listed non-diversified closed-end management investment company that invests primarily in 12 to 15 high-quality, large-capitalization, free-cash-flow-generative North American growth companies acquired at discounts to intrinsic value. The fund complements its concentrated core equity strategy with asymmetric hedges using options and credit default swaps to protect against macroeconomic risks. Investors access the strategy through a public share offering with a 2% annual management fee and no performance fees, modeled after Berkshire Hathaway's permanent capital structure.
Is Pershing Square USA a public or private company?
Pershing Square USA is a public company. It is classified as public and is currently operating.
When was Pershing Square USA founded?
Pershing Square USA was founded in 2026. It employs 11 to 50 people.
Where is Pershing Square USA based?
Pershing Square USA is headquartered in New York, United States, in the North America region.
How does Pershing Square USA make money?
Two revenue lines are on record. Management Fees are the primary driver. The others are portfolio Investment Returns.
Who are Pershing Square USA's main competitors?
Broad incumbents on record are Sculptor Capital Management, Artisan Partners Asset Management Inc., Berkshire Hathaway Inc., Blue Owl Capital Inc. and Affiliated Managers Group, Inc.. Direct peers are Caledonia Investments plc, Marathon Asset Management Limited, Third Point Investors Limited, BH Macro Limited and Pershing Square Holdings Ltd..
Does Pershing Square USA have an API?
No public API is recorded for Pershing Square USA.