Core Viewpoint - Bill Ackman's Pershing Square is launching a dual investment vehicle, Pershing Square USA, which aims to attract public investors by offering shares in both the new fund and the management company itself, creating a more appealing investment structure [7][5][20] Group 1: Investment Structure - Investors in the private placement will receive 30 shares of Pershing Square for every 100 shares of PSUS purchased, while public investors will receive 20 shares for the same amount [22] - Pershing Square USA is seeking to raise between $5 billion and $10 billion through an IPO and private placement, with shares priced at $50 each [6][18] - The structure is designed to provide investors with dual access to both the fund's holdings and the management company's finances, which is seen as an innovative approach [1][5] Group 2: Market Position and Strategy - The offering is not a repeat of last year's failed attempt but part of a broader strategy to present both the investment manager and the new fund to public investors simultaneously [3][4] - Ackman's strategy focuses on investing in 12 to 15 undervalued companies listed on North American exchanges, without charging performance fees, which may attract a wider range of investors [8][22] - The firm holds approximately $30.7 billion in assets under management as of December 2025, indicating a strong market presence [16] Group 3: Investor Sentiment and Challenges - The complexity of the investment structure may make it harder for retail investors to evaluate individual performance, raising concerns about the closed-end nature of the fund [9][8] - Pershing Square USA has already secured $2.8 billion in private placement commitments from institutional investors, demonstrating strong initial support [10][22] - The success of the IPO will largely depend on investor confidence in Ackman's reputation and investment strategy, as well as the overall market conditions [12][20]

TABLE OF CONTENTS As filed with the Securities and Exchange Commission on March 10, 2026. Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Pershing Square Holdco, L.P. to be converted as described herein to a corporation named Pershing Square Inc. (Exact Name of Registrant as Specified in its Charter) (State or Other Jurisdiction of Incorporation or Organization) Nevada 6282 99-2840341 (Primary Stan ...