Core Insights - Bill Ackman is planning to take his hedge-fund management company, Pershing Square, public alongside a new investment entity, with a potential double public offering as early as next year [1][2] - The new fund, Pershing Square USA, aims to attract investors by offering free shares of Pershing Square, with partners willing to give away up to 10% of their shares [2] - Preliminary discussions regarding the public listing of Pershing Square have begun, with potential plans for the first quarter of 2026, although these talks are still in early stages and may change based on market conditions [3] Company Overview - Pershing Square USA is designed as a closed-end fund, which means it will sell a fixed number of shares in a public offering, and shareholders can only exit by selling their stakes at market price [4] - The initial prospectus for Pershing Square USA was filed in early 2024, but the IPO was withdrawn in July of that year due to insufficient investor interest, leading to a reduction in size from $25 billion to $2 billion [4] - Founded in 2004, Pershing Square has transitioned from an activist hedge fund to focusing on concentrated stakes in large public companies, currently managing over $21.4 billion in core assets as of October [5] Recent Developments - Pershing Square has recently acquired nearly half of Howard Hughes Holdings, with Ackman expressing ambitions to transform it into "a modern-day Berkshire Hathaway" [6]