PERSHING SQUARE INC. (PS)

Pershing Square is an alternative asset manager founded in 2003 and led by Founder and CEO William A. Ackman. As of December 31, 2025, it had approximately $30.7 billion in total assets under management and approximately $20.7 billion in fee-paying assets under management, 96% of which is permanent capital. For 2025 it generated total revenue of about $762.5 million and GAAP net income attributable to Pershing Square Holdco, L.P. of about $249.8 million. Its core strategy is to acquire long-term, large minority stakes in high-quality, predominantly North American-listed, large-cap companies at attractive valuations, engage constructively with their management and boards, and complement those holdings with asymmetric hedges such as options and credit default swaps.

The firm manages three primary core funds: Pershing Square Holdings, Ltd. (PSH), a FTSE 100-listed closed-end investment company on the London Stock Exchange with about $15.0 billion of fee-paying AUM (roughly 73% of the total), and two private funds, Pershing Square, L.P. (PSLP) and Pershing Square International, Ltd. (PSINTL), which are no longer marketed to new investors. It also plans a new flagship NYSE-listed, registered closed-end vehicle, PSUS, through a combined offering. Revenue comes from quarterly management fees based on net asset value and, for funds other than PSUS, annual performance fees above a high-water mark. A Preferred Performance Fee structure supports recurring revenue. It also earns a quarterly base fee and a variable fee from Howard Hughes Holdings (HHH) for advisory services. Since 2003 it has also raised seven single-name co-investment SPVs. On May 5, 2025, it completed the Howard Hughes Transaction, acquiring 15% of HHH (47% including its core funds' holdings) to help turn HHH into a diversified holding company. HHH has agreed to acquire the specialty insurer Vantage for about $2.1 billion, and Pershing Square intends to manage the assets of Vantage's insurance subsidiaries.

Its fund investors include retail investors, high net worth individuals, family offices, funds of funds and institutional investors. Its portfolio focuses on large-capitalization companies, predominantly listed in North America, without concentration in any particular industry. In May 2024 it sold a 10% interest in the business for $1.05 billion to a group of strategic investors.

The firm is headquartered in New York City and had 44 employees as of December 31, 2025. Its investment team averages 15 years of industry experience, and employees and affiliates have invested $5.8 billion in its funds and HHH. Investment ideas come from a proprietary research library and go through two-person due diligence teams, followed by review by Mr. Ackman and the Chief Investment Officer, Mr. Israel, and formal presentation to the investment team. It competes with other alternative asset managers, which it contrasts with by emphasizing its permanent capital base.