Bill Ackman is planning to take Pershing Square public: report

According to a new report in The Wall Street Journal, Billionaire Bill Ackman is planning to take his investment firm Pershing Square public.

But first, according to people familiar with the matter, Ackman intends to drum up some funding by selling a stake in his firm to investors in a deal that’s expected to close very soon.

The outlet reported that this funding round is expected to give Pershing Square a roughly $10.5 billion valuation. The firm told prospective investors to value it like an asset management firm rather than a hedge fund, citing Brookfield Asset Management as a comp.

For context, Brookfield — valued at about $15 billion — oversees more than $925 billion, compared to the $16.3 billion Pershing Square had under management at the end of April.

Pershing Square spokesman Francis McGill declined to comment on the report.

The IPO filing would be an unusual move for a hedge fund, as their performance can be volatile, and it lifts a shroud of secrecy they’re accustomed to. However, the Journal cited a prospectus filed by Pershing, noting that Ackman’s growing personal brand among retail investors could give Pershing Square the publicity it needs for a successful public launch.

People familiar with the matter told the WSJ that Ackman could take Pershing Square public as soon as the end of 2025 or early the following year.