Pershing Square (PS) Investor update summary

IPO and Fund Launch Details

• Launching Pershing Square USA (PSUS), a new NYSE-listed fund, with a $5–10 billion IPO size, a $1 billion greenshoe option, and $2.8 billion in anchor commitments, materially oversubscribed relative to the $2 billion anchor target.

• IPO participants receive PSUS shares at $50 per share and a bonus share of Pershing Square Inc. (PSI) for every five PSUS shares purchased; both PSUS and PSI shares will trade separately post-IPO.

• PSUS is the first NYSE-listed, U.S. publicly traded hedge fund marketed to both institutional and retail investors, with no performance fees and a 2% management fee.

• Anchor investors are restricted from selling shares for six months, while general IPO shares are freely tradeable post-IPO.

• Pershing Square Inc. will invest $100 million in PSUS, aligning management with investors.

Business Model, Structure, and Competitive Advantages

• Operates with a lean team of 48 employees, managing $31 billion in assets, 96% of which is permanent capital as of December 2025.

• Permanent capital structure eliminates redemption risk, enables long-term, concentrated investments, and minimizes key man risk.

• Competitive advantages include permanent capital, ability to effectuate change, preferred partner status, asymmetric hedging, economies of scale, and brand strength.

• High team tenure (median 11 years) and equity ownership foster stability, alignment, and talent retention.

• Team-based investment process institutionalized to minimize key man risk.

Fee Structure and Investor Benefits

• PSUS will be the lowest-cost hedge fund globally, charging a flat 2% management fee and no performance fees.

• Closed-end fund structure with active investor communications, quarterly calls, and annual meetings.

• Favorable tax treatment for U.S. investors, with a pass-through regime and no deferred tax liability; PSUS will be taxed as a Regulated Investment Company (RIC).

• No exposure to private credit, ensuring true permanence of capital and no redemption risk.

• NYSE listing is expected to enhance liquidity and visibility.