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StocksMedium•6 May 2026•

1 min read

Bill Ackman’s Pershing Square Raises $5B in Record IPO Despite 18% First-Day Drop

Key Facts

1Pershing Square raised $5 billion by selling 100 million shares at $50 per share in the largest U.S. closed-end fund IPO.

2The fund experienced a difficult market debut with its share price falling 18% on the first day to close at $40.90.

Billionaire investor Bill Ackman’s Pershing Square has successfully raised $5 billion by selling 100 million shares at $50 each, marking the largest closed-end fund IPO in U.S. history. Ackman intends to model the vehicle after Berkshire Hathaway, focusing on long-term capital growth and making his investment strategies accessible to a broader retail audience. However, the fund faced a challenging market debut as share prices plummeted 18% on the first day of trading to close at $40.90. This sharp decline highlights immediate secondary market skepticism despite the record-breaking capital raise. While the initial performance was bearish, the fund remains a significant milestone in asset management due to its scale and structure. Analysts are now closely watching whether the fund can recover its IPO valuation and narrow the discount to its net asset value.