An August 23, 2026, analysis reveals a transformative year for Bill Ackman’s Pershing Square. The firm executed a major portfolio shake-up to capitalize on new investment opportunities.
Pershing Square successfully launched Pershing Square USA (PSUS), a $5 billion closed-end fund. This fund has already deployed 95% of its capital. The new structure allows U.S. investors to invest directly alongside Ackman.
The firm exited several positions last quarter to fund these recent moves. Pershing Square is currently making private investments using its own balance sheet.
These investments will seed Pershing Square Ventures, Ltd., which is scheduled to launch later this year. The new fund will focus on late-stage private businesses before their initial public offerings.