Bill Ackman's Pershing Square USA fund falls sharply in public market debut
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- Pershing Square USA (PSUS) opened at $40.90, down 18% from its $50 IPO price on the first trading day.
- Bill Ackman structured the IPO to give retail investors a direct stake, omitting performance fees and providing bonus shares of Pershing Square Inc. to PSUS holders.
- Pershing Square boasts a cumulative net return of over 2,600% since 2004, dwarfing the S&P 500’s roughly 836% gain over the same period, underscoring its macro‑hedging pedigree.
Why it matters: Retail investors gain a new publicly traded hedge‑fund vehicle, but the 18% first‑day drop costs early buyers roughly $1.8 billion in market value, dampening enthusiasm for similar IPOs amid a high S&P 500 backdrop.
