REG-Pershing Square Holdings, Ltd. Pershing Square Holdings, Ltd. (“PSH”) Notes the Closing of Initial Public Offering of Pershing Square USA, Ltd. (“PSUS”) with Aggregate Offering Size of $5 Billion

Pershing Square HoldingsAnnouncement

01/05/2026 07:01

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Pershing Square Holdings, Ltd. (“PSH”) Notes the Closing of Initial Public
Offering of Pershing Square USA, Ltd. (“PSUS”) with Aggregate Offering
Size of $5 Billion

PSH to Benefit from Reduction of Performance Fees

 

Pershing Square Holdings, Ltd. (LN: PSH) (LN: PSHD) today noted the closing of
the initial public offering of the common shares of beneficial interest of
Pershing Square USA, Ltd. (NYSE:PSUS), a NYSE-listed U.S. fund managed by
PSH’s investment manager, Pershing Square Capital Management, L.P. (the
“Investment Manager”), as well as the concurrent closing of the initial
public offering of the common stock of the Investment Manager’s parent
company, Pershing Square Inc. (NYSE:PS).

PSH and its shareholders will benefit from the initial public offering of
PSUS, which was completed with an aggregate offering size of $5 billion, since
PSH’s amended Investment Management Agreement provides that PSH’s
performance fees are reduced by an amount equal to 20% of any management fees
that the Investment Manager earns from certain Pershing Square funds – such
as PSUS – that do not have performance fees or allocations.

This fee reduction provision was adopted in an amendment to the IMA in
February 2024, as previously announced
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fpershingsquareholdings.com%2Fhttps-pershingsquareholdings-com-pershing-square-holdings-ltd-psh-announces-amendments-to-its-investment-management-agreement-which-will-reduce-fees-paid-by-psh%2F&esheet=54526678&newsitemid=20260430248101&lan=en-US&anchor=as+previously+announced&index=1&md5=75478df0436bda982b4225591a778f6e)
, supplementing an existing fee reduction provision that reduces PSH’s
performance fees by an amount equal to 20% of any performance fees and
allocation earned by Pershing Square from certain non-PSH funds.

“We are pleased that PSH shareholders will benefit from reduced performance
fees going forward as a result of the successful completion of the IPO of
PSUS, our new U.S. listed fund,” said Bill Ackman, CEO of Pershing Square
Inc. “We believe our newly public management company, PS, has the potential
to serve as a platform for other new funds to be launched in the future, which
could yield further reductions in PSH’s performance fees.”

Rupert Morley, Chairman of PSH added, “On behalf of the PSH board, I want to
congratulate the Investment Manager on its success in completing the IPOs of
both Pershing Square USA and Pershing Square Inc. and recognise the positive
impact for PSH shareholders. Thanks to the 2024 IMA amendment that introduced
a new performance fee offset based on management fees from PSUS and other PS
funds, the fees generated by PSUS will enable PSH to generate higher long-term
returns, an alignment that grows more valuable as Pershing Square’s AUM
grows over time."

This press release does not constitute an offer to sell or buy or the
solicitation of an offer to buy or sell any securities.

About Pershing Square Holdings, Ltd. 

Pershing Square Holdings, Ltd. (LN: PSH) (LN: PSHD) is an investment holding
company structured as a closed-ended fund.

Category: (PSH:Other)

Media Contact 

Camarco

Ed Gascoigne-Pees / Julia Tilley +44 (0)20 3781 8339,
mediainquiries@pershingsquareholdings.com
(mailto:mediainquiries@pershingsquareholdings.com)



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Pershing Square Holdings, Ltd.


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